Seniors need to assess measures to protect their estate, assets, and properties. It is urgent that seniors take steps to enforce their rights while they are mentally capable. An estate planning attorney in Glenview can help them initiate their rights by creating a legal plan of action.
Reducing the Size of the Estate
Inheritance tax could have quite an impact on the senior’s family. Strategies that help them reduce tax implications begin with reducing the size of the estate. These tactics help the senior separate key properties and assets from the estate. This includes setting up an organization into which they can transfer ownership. This allows them to give the property to their family without severe tax penalties.
Coordinating Future Care Plans
Future care plans allow the senior to choose what doctor provides their medical care. The plan identifies specific actions under certain conditions. This includes the initiation of a living will. The senior may designate in this care plan if they wish to enter a nursing home. They can make provisions to prevent these actions. They may also identify a family member who will have limited rights.
Assigning a Power of Attorney
The assignment of a power attorney gives a family member the right to use the senior’s assets. However, the senior may place provisions into this assignment. This prevents the individual from using their assets unethically. They could require receipts for all expenditures. They can prevent the individual from selling their property and assets.
Creating a Will for the Estate Owner
A will assign ownership of the property and assets included in the estate. The senior has the right to add provisions for these transfers. They also designate their final wishes in the will.
The seniors are protected through an estate plan. The documentation designates how the senior receives medical care. It also defines how their property and assets are used. They use these plans to protect their property and enforce their legal rights when they aren’t capable mentally. Seniors who wish to start a plan should contact an estate planning attorney at Law Office of Jeffrey P. Story for more information now.
