A good estate plan will not only ensure that your wishes are taken care of, but will also protect your assets. Why do they need protected? First and foremost, you may need them. An estate plan helps you to manage your finances should you become incapacitated or unable to make decisions on your own. Secondly your assets should be yours to distribute as you wish, not have them taken in bills or taxes. Here are some of the ways your estate plan can protect your assets.

Income and Capital Gains Taxes

Is your state plan set up to minimize the amounts that will be lost in both income and capital gains taxes? If it isn’t there are ways that you can minimize the amount of tax that will be taken from your estate. Your elder law attorney can help you and make suggestions as the best way to (legally) do this.

Protecting Against Loss

A well drafted estate plan will assist your power of attorney should you become incapacitated or unable to make decisions on your own. It will predict the best way to prevent your estate from losing assets and give you the tools that you will need to help you through a health or other unforeseen crisis.

An example of this would be the ability to transfer money to a trust for a spouse so that someone would be able to qualify for Medicaid.

For help in setting up your bulletproof estate plan, contact Stano Law Group today!