Estate planning is not just for the rich, old and ill. A good estate planner takes a holistic look at your assets and protection: from insurance to house deeds and medical care. Sometimes it’s helpful to think of proper planning like a house.
Your Will, Health Care Directive, Financial Power of Attorney, Deed, and investment accounts make up the “foundation” of the house. As soon as you turn 18, you should get a health care directive to appoint an agent to speak for you when you cannot speak for yourself. A Will creates a streamlined process for where your assets go; for young families this can be especially important because contrary to popular belief, all your assets do not always pass directly to your spouse. Additionally, a good foundation means good financial planning. You are never too young to start talking to a financial planner and beginning to put assets into retirement accounts and investment accounts.
The “walls” of your home focus on creating a structure, for example creating a trust to care for children or spouses and investing in ROTH IRAs to build long-term wealth for retirement. As your family and assets grow, you will need plans to protect both.
The “roof” of your home is about overall protection and focuses on the long-term. Umbrella policies and Long-Term Care insurance are an often-overlooked investment by the young. Long Term Care insurance can be an inexpensive safety net while young but becomes exponentially more expensive and sometimes impossible to obtain as you age. Umbrella policies assure that any of life’s accidents don’t lead you to bankruptcy or unnecessary litigation and protect from the things we can’t see or plan for.
All these make up your Estate Home and provide security for your future. The next three blog articles will focus on each part of the home and explain, like a blueprint, what steps you should take to be prepared.
Our firm works with individuals and families at all stages of life to develop plans specific to their needs. Contact Grissom Law, LLC today at 678-781-9230 to schedule an appointment to discuss your needs.
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