Financial Guidelines
Providing for asset management before and after death, protecting beneficiaries by giving control of trust funds to trustees, reducing income or estate taxes by transferring to another the benefit and tax liability, assuring stand-by protection in the event of illness or disability, and reducing administration and probate costs and delays at death are all things to consider as a senior. There can be relief of asset management, a flexible estate plan, financing for a child’s (or grandchild’s) education, and making charitable gifts.

Protection of Assets
Estate planning involves the will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney. After widespread litigation and media coverage surrounding the Terri Schiavo case, virtually all estate planning attorneys now advise clients to also create a health care proxy. Some estate plans may even cover deferring or decreasing estate taxes or winding up a business.

Benefits Applications
How do you know if you qualify for benefits? How do you apply? What are your rights? Tackling the myriad questions and required documents in applying for benefits can be overwhelming. Understanding the terms, compiling all the proper copies and organizing the file for submission and approval can be a mammoth task. Appropriate legal guidance can help you streamline the process and lessen the stress and worry.