ESTATE PLANNING IS FOR ALL AGES

 

Most people think of estate planning as something to do when they are older, after they retire, and when their health is declining. This is a short sighted approach. People of all ages can designate their medical preferences and decide who makes their financial and medical decisions if they become incapacitated or unconscious.

What happens if you get hit by a car and are unconscious? Do you want your wife, girlfriend, friend, parent, or relative or treating physician making your immediate and life-saving decisions? Do you want experimental treatments or drastic surgeries? Who will determine to keep you alive or pull the plug? Who will take care of your children or run your business if you are drugged in the hospital or in a coma for days or even weeks? You have the power to set these decisions now, when you are young and in good health, regardless of your financial status.

TRADITIONAL ESTATE PLANNING

Traditional estate planning involves drafting a document called a will, which distributes your assets upon your death. However, more advanced techniques involve placing your assets into a trust upon your death or even constructing a living trust for added asset protection. You bank accounts, stocks, and life insurance should all be tailored towards your estate plan. Estate taxes are astronomical and the costs of un unprepared estate could eclipse the amount of funds and assets you wish your surviving loved ones to inherit. A proper estate plan can be flexible and easily changed later in life, but should be placed into effect as soon as possible.

THE TWO MOST IMPORTANT HEALTH-RELATED DOCUMENTS THAT YOU HAVE NEVER HEARD OF

Without a doubt, every single person should have a living will and a health care directive. These documents designate who has the authority to act on your behalf when you are injured and unable to make medical or financial decisions and also set limitations and guidelines for their actions. Without these documents, your family could be locked in months or years of indecisiveness or end up financially ruined by health care costs.

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