CSFP 012 | Estate Planning Legal Work - An Interview with Attorney Andy Weinhaus
Jul 31, 2017
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Attorney Andy Weinhaus, an estate planning lawyer, discusses the importance of estate planning and the role of wills and trusts. He also explores the limitations of POD and TOD designations, the importance of special needs planning and trusts, and debunks misconceptions about estate planning.
Estate planning is necessary to ensure assets are distributed according to wishes and minimize costs.
Planning for incapacity with documents like power of attorney is crucial to avoid delays and complications.
Deep dives
Importance of Estate Planning
Estate planning is often overlooked but crucial for everyone, including financial advisors. It is necessary to review estate planning needs with qualified professionals to determine the best approach for each unique situation. By addressing areas such as legal affairs and estate planning, one can ensure that their assets are distributed according to their wishes, avoid probate court administration, maintain privacy, and minimize associated costs.
Documents for Incapacity and End-of-Life Matters
In addition to planning for death, it is important to consider documents that cover incapacity, such as power of attorney for financial and healthcare matters. These documents allow trusted individuals to make important decisions on behalf of an incapacitated person. By planning for incapacity, individuals can avoid potential delays and complications, ensuring that their financial affairs are managed and their healthcare needs are met effectively.
Special Considerations for Special Needs and Generational Planning
Intergenerational planning is essential to protect assets and establish ongoing support for loved ones, especially those with special needs. Creating trusts with specific terms allows for the management of assets and provision of supplemental care while still qualifying for government assistance. Additionally, generational planning helps prevent the mismanagement of inheritance and provides guidance for subsequent generations in terms of financial responsibility, charitable planning, and asset protection.