Estate Planning Business Law in Spartanburg, SC
There is a common misconception that you only need to consider estate planning if you are getting on in age or extremely wealthy; a related myth is that estate planning really only matters at death. The truth is that individuals of all ages, family situations, and backgrounds can benefit from executing some basic documents, many of which offer advantages during your lifetime. Planning for the unexpected in life is just as important as implementing a strategy for handling your final affairs.
Our team at The Law Firm understands that estate planning and considering your own mortality can be an uncomfortable topic. However, the conversation is a necessary one if you want to protect your interests and alleviate hurdles for your loved ones. To learn more about your options, please contact our office to schedule a consultation. An estate planning lawyer can explain details, but some general information may be useful.
Objectives of Estate Planning
There are multiple goals you can identify and achieve through the estate planning process, including:
- Naming someone to act as your agent if you become incapacitated, so this person steps into your shoes to manage financial matters and make medical decisions;
- Inform your loved ones about your wishes for live-saving treatment and end-of-life care;
- Determining how to distribute your real estate and personal property upon your passing;
- Designating someone to act as guardian of minor children;
- Appointing a person to handle your final affairs, such as gathering assets, distributing bequests to beneficiaries, and paying creditors;
- Avoiding the probate process, partly or entirely;
- Minimizing the potential for conflict among your loved ones when you die or if you become incapacitated;
- Protecting assets;
- Providing for a loved one with special needs; and,
- Leveraging tax laws.
Strategies for Achieving Your Estate Planning Goals
You might be surprised to learn that it is possible to accomplish some or all of these objectives with a comprehensive, custom-tailored estate plan. Our estate planning attorneys at The Law Firm will guide you through the process, which starts with an in-depth analysis of your circumstances. We seek to pinpoint and prioritize your objectives, including those listed above and others. From there, we can recommend an estate plan that incorporates:
- Power of attorney for financial matters;
- Advance health care directive that designates an agent to make medical decisions;
- Living will, providing instructions on the types of medical care you would or would not like to receive;
- Last will and testament;
- Revocable or revocable trusts;
- Special needs trust; and,
- Structures for asset protection and tax planning.
Trust Our Los Angeles Estate Planning Lawyers to Advise You
While this information is useful in describing your options, you will need personalized advice on developing a comprehensive estate planning strategy that suits your unique circumstances. To learn more, please contact The Law Firm to set up a consultation with a Los Angeles estate planning attorney. Once we review your situation and understand your goals, we can assist with drafting and executing the essential documents.
An asset protection lawyer will advise on the best method for a certain situation that provides the most protection to the business owner.
Our team appreciates the unique needs and concerns of older adults, as well as the families who provide various levels of assistance and support on their behalf.
When it comes to something as critical as end-of-life medical care, you need experienced legal representation to help you understand the implications of your living will.
It is our goal to make the conversation about your will as reassuring and supportive as possible.