The Association for Long Term Care and Planning, ALTCP for short, has offered some wisdom regarding estate planning. According to their statistics, approximately 6 out of 10 Americans don’t create an estate plan before their demise, and unfortunately, this option is the one fraught with endless court battles, family fights and financial hardships. Some of their tips include:
1. Plan for long term care
2. Make a physical and non-physical items inventory
3. Create Living Wills or Advance Health Care Directives
4. Create Medical Power of Attorney
5. Create a Living Trust
6. Create a Durable Power of Attorney
7. Test your power of attorney
8. Review and update estate plan regularly
9. Review savings and retirement accounts
10. Keep Legal Documents Safe and Accessible
11. Consider College Funding Accounts
12. Make annual tax-free gifts
13. Ask Help from Financial Planner or an Estate Attorney
Danna & Associates, PC has specialized in Estate Planning since 1994. We also focus on Elder Law, which gives us a unique and thorough understanding of what your needs and questions may be. Call 718.273.0300 for your free consultation today!
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