Estate Planning, Wills, Trusts
Estate planning involves setting up a plan to determine what will happen to you, your family, and your assets in the event of incapacity or death. Common estate planning documents include wills, trusts, powers of attorney, healthcare proxies, living wills, and HIPAA releases, among other items.
It should be stated that estate planning is for everyone. Many believe estate planning only involves transferring assets from one person to another, and that it need only be performed by the rich. This is incorrect on both counts. In truth, everyone should have an estate and health plan of some sort in place.
First, one thing to keep in mind is that nearly everyone has an estate. Your estate consists of everything you own: car, real estate, checking and savings accounts, investments, life insurance, furniture, clothing, personal possessions, etc. Some people have large estates, others have small ones. Some have large families, others have no family. Your plan will depend on your unique situation. Second, estate planning also involves future healthcare and other decision making in the event of incapacity / serious illness. As such, nearly everyone would benefit from having powers of attorney, healthcare proxies, living wills, beneficiary designations, and other documents in place. This type of planning can be invaluable and provide a lot of comfort to your family and loved ones in the future.
Although its human nature to put off estate and healthcare planning, a proper plan can save you and your family A LOT of stress and money in the future. You know the old saying: "An ounce of prevention is worth a pound of cure". When it comes to estate and long term care planning, this is very true. Even a very basic plan in Massachusetts can go a long way to make life a lot easier for you and your loved ones.
At Soule Law, we draft individual documents or put together comprehensive plans depending on each person's unique situation.
Powers of Attorney
This is a basic estate plan which covers all the bases, from wills to powers of attorney and incapacity documents. It is designed to get an individual or couple's basic affairs in order. Whether you are single or a couple, most will benefit from this plan. Please note, if there are minor children involved, more sizeable assets, or different goals unique to you, we may recommend one of the other plans below. We offer reasonable flat fees in order to make the process as easy and transparent as possible.
2. THE Estate Plan for New Parents
As a parent, your children are often your most cherished assets. This is a great estate plan for individuals or families with minor children. Much like the basic estate plan above, it covers all the bases, while taking into account the guardianship needs of children and the financial and health care wishes of the parent(s). The specific documents we use will depend on your unique situation. We offer reasonable flat fees to make the process as easy and transparent as possible.
This is a great estate plan for families which are a bit more complicated. As you can imagine, many issues arise when there are remarriages and/or children from different spouses. This plan takes into account all the dynamics of blended families. It is intended to protect the assets and financial and health care wishes of each spouse in a FAIR and ORDERLY manner. The specific documents we use will depend on your unique situation. We offer a reasonable flat fee in order to provide as easy and transparent process as possible.
This is a great estate plan when you or your family are planning for incapacity, illness, nursing home, or long term care. Many financial and health care issues arise as we age; this is especially true if you suffer disease or believe you will need expensive nursing home or long term care in the future. This plan is intended to help protect your assets when the time comes when you need that expensive care. The specific documents we use will depend on your unique situation. We offer reasonable flat fees in order to provide as easy and transparent process as possible..
Emergency or crisis planning refers to situations where someone is in need of nursing home or long term care now, but there is no plan in place. This type of planning attempts to preserve as many assets as possible, while qualifying for Medicaid / MassHealth in order to pay for care.