Estate Planning
Effective Estate Planning not only plans for what happens when we die, but helps clients plan successfully for the rest of their lives, including the myriad of predictable and unpredictable events.
State and federal laws that impact estate planning constantly change. At Parente Law Group PC, we are committed to staying on top of this ever-changing area of law. We recognize that you have worked hard for what you have. That is why you need the assistance of a dedicated, experienced law firm to help you devise a wealth preservation strategy to ensure that you optimize the goals. Proper planning is essential to help ensure that upon death your assets are distributed according to your wishes, without payment of unnecessary taxes.
A thorough estate plan takes into consideration wealth preservation with an eye toward minimizing or eliminating unnecessary estate tax liability and ensuring the smooth transition of assets to designated people or entities. A thorough estate plan should consider Medicaid and long-term care planning, and can provide for minor children, loved ones with special needs, and dependent adults, when necessary.
A “basic” estate plan consists of four components: a Last Will & Testament (to direct the distribution of an individual’s estate upon death, to designate persons to be responsible for administering the estate, and if applicable, designate guardians for minor children); a Power of Attorney (to appoint an agent(s) to handle a person’s affairs should they become incapacitated and unable to manage their own affairs); a Living Will (to articulate an individual’s end of life wishes for providing or withholding medical care, and for organ donation), and a Health Care Proxy (to designate an agent to make health care decisions for you when you are unable to do so.
Often, more complex estate planning is required to address our clients’ legal needs or personal goal. Some of these more complex solutions include various types of trusts, family limited partnerships (FLPs) and limited liability companies (LLCs). We are also experienced in creating Special Needs Trusts for a child or other family member who is unable to manage his or her own assets, or to help to preserve their eligibility for government benefits such as Medicaid or SSI.
Medicaid planning is an important consideration in the estate planning process. A significant number of Americans will eventually spend some time in a nursing home or require the assistance of home aides. Effective Medicaid planning, like good estate planning, will help to ensure that precious assets are not needlessly spent on health care, that critical public health benefits are not compromised, and that your assets are preserved for distribution according to your wishes. We have decades of experience in the highly specialized and complex area of Medicaid and long-term care planning.
