Throughout your life, you work hard to accumulate wealth. Wealth is commonly measured in terms of net worth and involves a mathematical calculation of assets held by a particular person, the sum of which identifies the individual’s financial value. Assets can include bank accounts, homes, vehicles etc. Legally speaking, an individual’s wealth is synonymous with an individual’s estate. His or her assets contribute to the individual’s estate, however, it is a misconception that an estate is comprised only of financial assets. An estate, of course, includes financial assets and property holdings, but also includes the legal rights, interests and entitlements to property of any kind.
Estate planning is the process of identifying and cataloging each item that makes up an individual’s estate, and then establishing legal safeguards to protect those items during the individual’s lifetime, and a responsible plan for distribution of those items after death. Estate planning is a complex process that requires consideration of lesser included legal issues such as asset protection, and protection of legal rights including financial decision making authority in the event of disability, and medical decision making authority in the event of incapacitation. Without an effective estate plan, not only are your assets at risk of loss, but your loved ones may be at risk of losing their inheritance and their ability to speak on your behalf.
For example, in the event of incapacitation due to disability, you may prefer a particular non-family member such as your neighbor to make financial decisions regarding the maintenance of your home. Unfortunately, without implementation of the proper legal instruments, your trusted neighbor will have no authority under the law to carry out your wishes. This issue is further complicated for unmarried or divorced individuals. Click here for more information regarding nontraditional family estate planning.
- Wills & Trusts
- Estate and gift tax planning
- Asset Identification & Inventory
- Court Representation
- Durable powers of attorney
- Medical Power of attorney
- Special needs planning
- Veterans planning
- Tax planning
- Veterans Benefits
- Non-traditional family planning
The experienced staff at McCarty Law Offices, PLC can help establish a legally effective estate plan to protect your property and legal rights throughout all stages of life and eventual death. Preparation is the most important factor in determining the future of your estate, and we are here to take the guess work out of the process. Contact McCarty Law Offices, PLC today to schedule a free 30 minute consultation to discuss all of your estate planning needs.
We’ll offer the guidance and insight you need and provide you and your loved ones with the peace of mind you deserve.