Protect Your Loved Ones From The IRS: Estate Planning

Protect your family from financial hardship with an estate plan.

In today's world, so much of our time and energy is focused on "the now," that we often don't think about the future, nor do we want to. Although it may be easier to avoid the inevitable consequences of a family death in the short term, it will be more difficult for your loved ones to face adversity without a legally-recognized plan. The following advice will help you craft a preparation plan:

Protect Your Assets With a Will

Although we would all love to believe that we automatically have the legal right to our family's inheritance after death, the government will not recognize this as truth unless the testator (the will-maker) signs permission. When you sign a will, you assure that your assets will be distributed as you wish and will not be seized by the government. This is especially important if you plan to grant your family access to essential possessions like your home.

Appoint a Power of Attorney

Power of attorney is often confused with a professional attorney. A POA is someone you trust to make decisions for you if you become incapacitated. They will manage your money and can also manage your healthcare decisions in combination with your advance directive plan.

Prioritize Healthcare

If you are ever too sick to state your wishes and health concerns, your advance health care directive plan will aid you will say what you cannot. Write down your desires, like what health care you prefer or don't prefer.

With these three tips, you should be prepared for estate planning with the help of legal professionals. At Kennedy Purdy Hoeffel & Gernert LLC, we want to help you prepare for anything that may come your way. Contact us today to speak with an attorney in Bucyrus or Galion, Ohio, about your will, trusts, personal injury, family law circumstances, or criminal law issues.