Over the 22 years of practicing law I have met with many people and have reviewed their financial affairs. Although I am not a financial advisor and I do not sell insurance, I believe insurance and financial planning play an important role in protecting you and your family.

There are many types of insurance and I do not have enough time to provide a comprehensive overview of the ins and outs of insurance, but let me talk briefly about several types of insurance in estate planning.

I see life insurance in just about every estate I work with. Life insurance has many applications including funeral planning, or debt planning for paying off a mortgage or car loan.  Life insurance can also provide liquid funds for the surviving family.

Long term care insurance is another insurance product I frequently address in estate planning.  I highly recommend everyone consider how they anticipate paying for long term care costs.  Long term care insurance is one option.  Whether you will be cared for at home, in an assisted living or in a nursing home, planning for how the care will be paid for is important.    Long term care insurance can go a long way in preserving your estate.

Liability insurance is another insurance product I regularly recommend to my clients.  Many people tell me they want to protect themselves from law suits.  However it really is not appropriate for most people to do sophisticated asset protection planning with vehicles such as “off shore trusts”.  If this is a concern for you, then a meeting with your insurance agent would be beneficial.  At that meeting you will want to review the insurance you have in place for your home and your automobiles.   You will also want to consider an umbrella policy, or a personal liability policy, to insure you in areas where your homeowners and auto insurance does not.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Estate planning is very beneficial because it allows you to plan for multiple needs.  It’s important to think about your own personal needs as well as the needs of your loved ones.  If you’re just getting started with your planning, take a look at the following information.  If you have any questions about how certain estate planning tools work, meet with an estate planning attorney.

Do you have a family to protect?

Consider the future of your entire family.  Make sure that you’re able to protect your children so a responsible adult, of your choosing, is always caring for them.  In addition, consider your family’s future needs and expenses.  If you’re unable to provide income, you need savings, disability insurance, and life insurance in place, as applicable.

Are you looking to protect your own future?

You need to prepare for your own future with an estate plan.  Consider protecting yourself during possible illness and disability with powers of attorney, a revocable living trust, and insurances.  Be sure to research insurance options, such as disability insurance, life insurance, and long term care insurance.  Prepare for future retirement costs.

Do you want to make a difference in the lives of others?

You may have other planning goals that don’t relate to you or your family.   Consider giving back to your school or a favorite charity.  You may also consider gifting to others who have made a difference in your life.  There are many ways in which you make a difference in the lives of others.  Financial gifts, letters of appreciation, gifts of experience, and sentimental gifts are all appropriate for loved ones and good friends and neighbors.

Take the time to think about all of your estate planning needs and goals.  If you’re ready to commit to comprehensive estate planning, consult with a qualified estate planning attorney.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Accidents, illnesses, and unexpected events can happen at any time and this is why it’s important to have incapacity planning in place.  Many people neglect to include this type of planning in their estate plan, and then find that they aren’t prepared when they need it most.  If you want to always be in control of your life choices, you need to handle this aspect of planning.  Take a look at the information below to learn more.  If you have any questions about incapacity planning, meet with an estate planning attorney.

• How would you know that you were receiving the best medical care possible, if you were incapacitated?
• Who would make sure that your bills are paid?
• How would you know that your medical wishes were respected?
• How will you have a say in your future?

These are important questions to consider.  With the use of the right incapacity planning documents, you can have a say in your future and make sure that all of your affairs are handled.

• With a living will, you can outline your desired end of life medical procedure and treatment wishes.  This includes deciding if you wish to remain on life support, if needed.
• With a healthcare power of attorney, you can appoint an agent who will be responsible for helping to make important healthcare decisions on your behalf.  Your agent will also make sure that you’re receiving the best care possible.
• A financial power of attorney will allow you to appoint an agent who will be responsible for managing your financial affairs, if you’re ever unable to.  This includes paying your bills, depositing checks, and paying your taxes on your behalf.
• All of these planning tools will allow you to be in control.  By planning ahead of time, your wishes will be respected during your time of need.

If you have any questions about including incapacity planning in your estate plan, consult with a qualified estate planning attorney.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.