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Home >> Have You Missed an Important Area in Your Estate Plan?

Have You Missed an Important Area in Your Estate Plan?

February 6, 2023 by Joshua K. Crawford

Vero Beach estate planning attorneys

Having an estate plan in place is important for every adult without regard to age, wealth, or family status. To ensure that you get the most out of estate planning, you want to create a comprehensive estate plan. To help you do that, the Vero Beach estate planning attorneys at Kulas & Crawford help you determine if you missed any important areas in your estate plan.

Incapacity planning

People frequently overlook the need for incapacity planning when they go the DIY estate planning route. They create and execute a Last Will and Testament and mistakenly believe that their loved ones are protected. A Will can protect loved ones in the event of your death; however, a Will does nothing to protect you or your loved ones if you become incapacitated because the terms of a Will are only relevant after your death. To protect against incapacity, your estate plan should include an incapacity planning component.

Business Succession Planning

If you have invested time and money to start a business or to keep a family business operating, you (hopefully) understand the need to protect your investment. You probably purchased insurance to protect against losses due to natural disasters, theft, or fire. What happens to your investment if something happens to you though? To ensure that the business is successfully passed down to the next generation or sold for fair market value if you die or become incapacitated, you need a business succession planning component in your estate plan.

Funeral and Burial Planning

You may not be particularly keen about planning your own funeral and burial; however, if you fail to make those plans your loved ones will be forced to do so after your death. Not only will they need to make important decisions just days after losing you, but they may also have to come up with the financial resources needed to pay for a funeral and burial. Not surprisingly, grieving family members are often taken advantage of when they are forced to make decisions while grieving. Equally important is the likelihood that your wishes regarding your funeral and burial may not be remembered, and therefore not honored, because your loved ones cannot think clearly. Creating a funeral and burial plan now ensures that your wishes will be honored and relieves your loved ones of the need to make financial and personal decisions right after losing you.

Medicaid/Long-Term Care Planning

Americans have a considerably longer average life expectancy today than they did a century ago. Living longer is certainly a blessing; however, it also increases the likelihood that you will need long-term care (LTC) at some point. If you (or a spouse) do end up needing LTC, the cost of that care will be expensive with an average yearly cost of around $100,000 for 2022. Although you may depend on Medicare to cover most healthcare expenses as a senior, it will not pay for LTC. Medicaid will cover LTC costs if you qualify for benefits. To ensure that you do qualify for Medicaid without putting assets at risk you need to incorporate Medicaid planning tools and strategies into your estate plan long before you need those benefits.

Pet Planning

Clients are routinely surprised when I ask them about their pets. Although they consider the family cat or dog to be part of the family, they typically have not included their pets in their estate plan. That may lead to uncertainty or even abandonment if something happens to the animal’s human owner. To make sure that your pet continues to be treated well if you are unable to care for the animal because of your death or incapacity, you should include a pet planning component in your estate plan.

Contact Vero Beach Estate Planning Attorneys

To learn more, please join us for an upcoming FREE seminar. If you have additional questions or concerns about estate planning, please contact an experienced Vero Beach estate planning attorney at Kulas & Crawford by calling (772) 398-0720 to schedule a consultation.

Filed Under: Estate Planning

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I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

~Leo C
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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

~Krissy L
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August 25, 2020
    

Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

~Janice M
Client Review
August 25, 2020
    

"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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