Estate Planning

Protecting Your Financial and Medical Decisions

Clients should consider creating a well-conceived estate plan. Estate planning is a vehicle for distributing your property after death and providing for your medical care in case of incapacitation. An estate-planning attorney educates people about the variety of legal documents used in the process, which may include a will, power of attorney, beneficiary designations, healthcare directive, living will, and a trust.

Far too few people who need to create an estate plan do so in a timely manner. Contact an attorney at  Kenneth Kirk & Associates, in Anchorage, Alaska, to learn more about the importance of estate planning and probate.

It is important to make responsible financial planning and the protection of your estate a priority in your life. For many people, estate planning is the only reason they will ever need to consult a lawyer. When you create an estate plan, you ensure that your family members are provided for after your death. When you memorialize your intentions in writing, both you and your family can rest easier.

When it comes to estate planning, many people simply procrastinate, thinking there is always time later to plan for their future. Often, though, the unexpected happens, and it is important to have made plans before it is too late. While most people shun contemplation of their own deaths, they usually feel a sense of relief when they establish a sensible estate plan.

Medicaid Planning

With the cost of nursing home care constantly escalating, your financial reserves can be easily depleted. Medicaid planning refers to the process of protecting your assets from medical costs while keeping you eligible for Medicaid. Successful planning will transfer and protect your assets appropriately, while protecting your quality of life.

Methods for protecting your assets from nursing home costs include creating an irrevocable trust, gifting, changing a non-exempt asset into an exempt asset, creating a legal spend down, and purchasing annuities and long-term care insurance.

Get answers to questions you have about estate planning and Medicaid by contacting a lawyer at Kenneth Kirk & Associates.