If you want to leave your estate to the people you choose in the manner you desire, you should hire an experienced Estate Planning Attorneys Las Vegas. They can prepare your last will and testament, establish trusts and provide other legal guidance.
They also help you plan for medical care in case of incapacity, such as a health care power of attorney and a healthcare proxy.
Business Succession Planning
Business succession planning is a critical aspect of any successful business. It involves determining who will take over the business when you retire or if something unexpected happens.
The right plan can give you peace of mind and help your family and employees continue to have a positive experience in the business. Having a plan in place can also protect your business from unexpected tax burdens and other risks.
A well-crafted succession plan should include a process for identifying and developing strong candidates to take over management roles in the company. It should also include a system to provide support and training for the successors.
This is a time-consuming process, as you must develop a transition plan and monitor it. You may need to involve family members, partners and other stakeholders in the decision-making process. A professional estate planning attorney can help you develop and implement a plan that suits your needs.
Medicaid Planning
Medicaid planning is a broad term used to describe any assistance provided to an applicant in advance of or during the Medicaid application process. This can range from simple assistance with collecting and preparing documents to more complicated financial planning.
Generally, Medicaid planning is done by elder law attorneys and other professionals who are licensed in the state where you live. However, not all Medicaid planners are elder law attorneys.
Medicaid planning involves strategies that can help you reduce your countable assets when your income and resources exceed the asset limit for Medicaid eligibility. These techniques may include converting excess income into Qualified Income Trusts (QITs) or reducing the value of your assets by spending them on care costs.
Power of Attorney
A power of attorney is a document that names someone to make legal decisions on your behalf when you aren’t able to. It can help ease the burden of illness and injury on your family members while providing peace of mind for you.
A durable power of attorney, in particular, allows your agent to continue making your financial and health decisions even if you become incapacitated, so it’s a good idea to put one in place.
You can also set up a medical power of attorney that designates a trusted healthcare agent to make your health care decisions if you are no longer able to do so yourself, such as making sure all of your doctors follow your do-not-resuscitate form or living will.
A durable power of attorney is ideal for older adults who want to ensure that their financial and health care wishes are followed no matter what happens to them in the future. It can be updated as your circumstances change, such as getting married, taking on a new job, or changing schools.
Wills & Trusts
Wills and trusts are the main components of an estate plan. They include drafting a will, choosing an executor and making specific provisions for distribution of assets after your death.
They also help with avoiding probate court. This is a process in which the property of deceased people is transferred to their beneficiaries after a judge estimates it and pays any taxes.
You can avoid this by using a living trust, which allows you to transfer your property into the trust during your lifetime and name your trustee as an owner of the assets.
This is a much more effective way to transfer your property than leaving it in your will.
A trust is a legal structure where you grant assets to another person (the “trustor”) for the benefit of another person (the “trustee”). There are many benefits to utilizing a trust, including asset protection, divorce and creditor protection, income tax planning, charitable planning, and more.
