Estate Planning

Receiving a Parkinson's diagnosis is not a death sentence. But we can't help but think about putting our affairs in order as we don't know how quickly our specific condition may progress. Everyone should have their affairs in order, but sometimes receiving a diagnosis like Parkinson's prompts us to want to plan as much as possible, although we can live many quality years with Parkinson's.

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Just as important as your medical team, is your legal team. Finding an estate attorney that specializes in elder care law can be very beneficial in helping to establish the plan for your estate.

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Estate planning involves determining how an individual's assets will be preserved, managed, and distributed after death. It also considers the management of an individual's properties and financial obligations if they become incapacitated. Planning also allows you to review your assets to know when and how items may need to be transferred to help offset any future medical costs associated with your care.

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For some, working with attorneys and finalizing plans can be very stressful and contribute to anxiousness. Taking a step forward to get items resolved in your estate can relieve an enormous amount of stress for you, and your loved ones in knowing that the details have been documented well for seamless transitions in the future.

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Assets that could make up an individual's estate includes houses, cars, stocks, artwork, life insurance, pensions, and debt. Individuals have various reasons for planning an estate, such as preserving family wealth, providing for a surviving spouse and children, funding their children's or grandchildren's education, or leaving their legacy behind to a charitable cause. 

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The most basic step in estate planning involves writing a will. Other major estate planning tasks include the following:

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• Limiting estate taxes by setting up trust accounts in the name of beneficiaries

• Establishing a guardian for living dependents

• Naming an executor of the estate to oversee the terms of the will

• Creating or updating beneficiaries on plans such as life insurance, IRAs, and 401(k)s

• Setting up funeral arrangements

• Establishing annual gifting to qualified charitable and non-profit organizations to reduce the taxable estate

• Setting up a durable Power of Attorney (POA) to direct other assets and investments

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In this section on Estate Planning, we will provide information for writing a will and appointing executors, planning for estate taxes, finding qualified attorneys, and tips.