Estate Planning

You probably would not embark on a big road trip without a destination in mind. And to get to that destination, you would plan a route with a map or follow the guidance from your GPS. If you didn’t, you might waste a lot of time and money and end up someplace other than where you wanted to be.

Yet people who spend considerable time and energy to get ready for a week-long vacation often spend almost no time planning for the years they have ahead of them. They don’t think about where they are going and how they are going to get there. And they waste their resources and still end up dissatisfied.

At Bassett Murray Law Group, PLLC, we hate to see that happen. We build estate plans that direct people on the most efficient path to the future that they want for themselves and their loved ones. This includes plans for health care and living arrangements and maintaining autonomy during your lifetime and ensuring the best legacy for the next generation. 

We consider the big picture and then develop the details to direct you safely to your goals. Our professionals address not only the legal issues but also financial planning concerns, real estate issues, care management, and other needs.

Do You Want to Avoid Probate?

Many people choose to build an estate plan designed to avoid the need for the complex and lengthy probate proceedings. Probate is the legal process for paying debts and transferring property after someone passes away. To protect creditors and heirs, the law requires an estate representative to jump through a number of legal hoops, and the process can be frustrating and confusing.

To avoid putting their loved ones through this legal ordeal, people often choose to create a revocable living trust and transfer property into the trust so that it does not become part of an estate subject to probate. When they pass away, the property in the trust transfers directly to the individuals named as beneficiaries without the need for court supervision.

We can create a trust tailored to your specific situation and help you transfer real estate and other property into the trust, setting it up so that you continue to control the property until you pass away or become incapacitated. At that time, the person you designate as your successor will take over management until it is time to wind up your final affairs. This relieves the burden on loved ones considerably.

Do You Need a Plan to Pay for Long-Term Care Costs?

Many people believe that they will eventually need to spend all of their resources on long-term care, but with careful planning, you can conserve assets and still plan for a comfortable and caring residence in your final years. While you have the most options for asset conservation when you plan far in advance, even in a crisis situation where you or a loved one need to move to a nursing home right away, our team knows strategies for preserving assets.

Do You Need to Provide for Your Loved Ones in the Future?

A will is a basic component of every estate plan, and it is particularly important if you have minor children because it allows you to designate a guardian to care for them if something should happen in the future. 

You can also create a trust through your will or as a separate document, and that trust can provide for management of resources for individuals who are not yet ready to manage their own money. Funds in the trust will go to support your loved ones, but those funds are protected and cannot be claimed by creditors but only used according to your instructions.

If you want to provide assistance for a loved one with special needs who qualifies for government benefits such as Medicaid, putting resources into a trust allows that individual to enjoy the advantages without losing their eligibility for government benefits. Trusts can also reduce your tax liability and accomplish a variety of other purposes.

Do You Want to Choose Who Assists You with Financial Matters?

If you need someone to take care of your financial matters because of a disability, whether temporarily or more long-term, you will want to make it a person of your choice.  Bassett Murray attorneys are experts in drafting precisely tailored powers of attorney for financial matters so that you remain in control of who controls your money.

Do You Want to Make Your Own Healthcare Choices?

Estate planning involves planning for your personal needs as well as financial matters. Our estate planning team can create a:

• Medical power of attorney (healthcare proxy) allowing you to designate an agent to make decisions and authorize treatment if you are unable to do so
• Living will enabling you to specify your choices for end-of-life care and treatment
• HIPAA release to enable doctors and insurance companies to discuss your condition and needs with designated family members or friends

Without these critical documents, your treatment could be delayed in an emergency situation, and loved ones might be powerless to assist or even learn about your condition.

Plan for Your Future with Basset Murray Law Group, PLLC

When you know where you are going and how you will get there, you can relax and enjoy the journey. The experienced, multi-faceted team at Bassett Murray Law Group, PLLC can develop a comprehensive plan for the future that preserves your assets and autonomy as well as the legacy you will leave to others. Schedule a consultation today to start gaining the planning and protection you need to move forward.