Thompson Law, Prof. L.L.C.
Thompson Law, Prof. L.L.C.
Everyone needs to plan ahead for what happens when they can no longer call the shots. Too many people only become concerned with estate planning near the end of their lives, but the truth is that it’s something they should be thinking about long before it may be needed.
Estate planning allows you to determine how your medical decisions will be made in the event that you can’t voice your wants and needs. It also uses different techniques to facilitate the transfer of your assets after you pass away. It is essential to begin planning for the future, and there’s no time to do so like the present.
Each and every situation is unique, so your plan must be, as well. Here are some of the ways that Thompson Law, Prof. L.L.C. can help you secure your future and the futures of the ones you love most.
Asset Protection and Business Planning
Have you worked hard to start a business or build wealth? Do you know what the greatest risks are to the success you have built for yourself and your family? Do you have a solid plan to grow your business, protect it in case of death or disability, and make certain your assets are always kept safe?
Elder Law and Medicaid
If you go into a nursing home, how are you going to pay for your care? Will you have to sell assets to afford the cost of a nursing home? Do you have plans for where you will go if you cannot care for yourself any longer? What about plans for who is going to make decisions on your behalf, or what kinds of medical care you want if you cannot speak to the doctor?
Have you thought about what will happen if you become sick or hurt and cannot care for yourself or make your own decisions? Do you know what is going to happen to your assets after your death? Have you thought about how you want to protect your legacy and what you can do to improve the lives of your family?
Family-Owned Businesses and Farms
Do you have a family-owned business or a family farm? Is your farm or family business protected to avoid losses during your life or after your death? Do you know how your family-owned business or family farm will transfer to the next generation?
Financial Planning Assistance
Do you have money goals and a plan to achieve them? Have you considered how to protect your assets? Do you know how much you need to save for retirement? Your future financial security depends upon you making conscious decisions about to spend and save your money, while ensuring your assets are protected.
If you get sick or hurt, do you want extraordinary measures used to prolong your life? What will happen to your property and assets if an illness or injury means you cannot take care of them any longer? If a physical or a mental illness stops you from being able to manage your own personal affairs, who is going to step in and make decisions on your behalf?
IRA and Retirement Planning
Do you have money saved up to live on as a senior? Are you familiar with the types of retirement accounts that can protect your assets and provide you with tax benefits? Do you know how much to save for your golden years? If you are retired, have you developed a strategy for making withdrawals which allow you to ensure your money lasts?
Have you thought about how you will be remembered after you are gone? Have you made plans to make a difference by giving to charity? Have you considered the needs of your family members and the ways in which you will help them after you pass away? Coming up with the answers to these questions, and many more, is all part of the legacy planning process.
Do you have domestic or farm animals you care for? Have you thought about what would happen to these animals if something happened to you? If you have not made plans for your pets or livestock to be provided for, your animals could be in jeopardy in case of your illness, injury, or death.
Special Needs Planning
Are you a caregiver or guardian for a person who has a disability? Do you have a relative or friend with special needs who you wish to provide with money or property as a gift? If you are responsible for someone who is disabled or if there is a disabled person in your life who you care about, you need to understand the special needs planning process.
Trust Administration and Probate
Have you been named an executor or trust administrator? Has someone you loved passed away, creating the potential for an inheritance? Do you believe a last will and testament created by a loved one was created under duress or because of fraud? If you find yourself in any of these situations, you need to seek legal help with trust administration or with the probate process.