One of the most common myths about retirement and estate planning is that it is only necessary if you are very wealthy. This is a misnomer that can have long-term ramifications for you and for your family members. Having an estate plan in place can help your family avoid a potentially costly and long probate process. Working with a law firm that works nearly exclusively on meeting your estate planning needs can help maximize the amount of money your heirs inherit and ensure your final wishes are carried out.

When you have worked hard your entire life, you want to enjoy your retirement. As we age however, the likelihood of becoming incapacitated or injured grows. We can help you plan for the potential of incapacity by ensuring we have made the proper plans for qualifying for Medicaid, prepare trust documents that help preserve your assets and help with the preparation of advanced directives, powers of attorney and more.

We assist clients all over Greenfield, Fortville, New Palestine, McCordsville, Hancock County, Indianapolis, Shelbyville, Morristown, Knightstown, Anderson, Pendleton, New Castle, Connersville, Rushville, Fishers, Geist, Carmel, Shelby County, Henry County, Hamilton County, Madison County, Marion County and central Indiana prepare for their end of life care and make sure their wishes are documented. We take the stress and worry out of all your retirement and estate planning needs by offering simple solutions that are structured to best meet your needs and goals. Contact Dickmann Reason Bogigian & White today to schedule a consultation and see how we can help you.

Wills

A last will and testament is a legal document that specifies how a person wants all of their assets and property to be distributed after they die. You can cancel, rewrite, or modify a will any time you wish, although it is critical to work with an estate planning attorney any time you would like to make these changes.

You should have a will in place to ensure that your last wishes are honored. If you do not have one, the probate court will make those decisions based on what the law states, not on what your wishes may have been.

Not only does a will allow you to pick the person you want overseeing your estate (referred to as the executor), but you can also choose the person you would want as the legal guardian for your minor children.

Trusts

A trust transfers property or assets from the person who owns these assets to the control of a trustee for the benefit of a beneficiary. Many people set up trusts if they have minor children or the beneficiary is disabled. Another reason a person may set up a trust for a beneficiary is if they feel the beneficiary may not be responsible enough to handle the funds of the trust on their own, such as someone with substance abuse or gambling issues.

Since trusts avoid the probate process, the funds are usually available immediately upon the death of an individual. Certain trusts may also reduce the amount of taxes they be owed on an estate.

There are different types of trust that an estate planning attorney from Dickmann Reason Bogigian & White can discuss with you and explain the benefits of. For example, a living trust allows the person to maintain control over the assets until the day they die and can be revoked at any time. A special needs trust can ensure that an adult child with disabilities will still be provided for but will not interfere with any government assistance they receive, such as Social Security disability or Medicaid.

Medical Directive

An advance medical directive is also called a living will, although it has nothing to do with property or assets. This is a document that specifies medical directives to your physician or other healthcare professionals of what treatment or measures you would approve and not approve should you become incapacitated.

Power of Attorney

A power of attorney is a document that authorizes another individual to oversee all financial matters should the person become incapacitated or otherwise incapable of doing so. You can also draft a healthcare power of attorney to authorize another individual to make sure that your advanced medical directives are adhered to. These can be the same individual or you can have two different people – one for your finances and the other for medical care.

Estate Planning is for Everyone

At Dickmann Reason Bogigian & White, we understand the importance of estate planning – but many people assume that because they’re young, or don’t have a lot of assets, they don’t need to bother. They couldn’t be further from the truth.

Estate planning is essential, not just for the elderly or the wealthy. It’s an important part of everyone’s plan, and even if you’re in perfect health and just starting to build up your investments and assets, you need to have a plan set aside for emergencies. Read on to learn more about why you need an estate planning lawyer, and get in touch with us today.

Do I Need a Will?

It’s a common misconception that if you aren’t wealthy, you don’t need a will. Everyone collects assets over time, whether it’s multiple properties and businesses or just money in the bank. And in the event of the unthinkable, your will provides important instructions for your loved ones. Who gets what? When do they get what you’ve left behind for them? And who is in charge of the whole process? These questions are all accounted for in a will.

What Happens if I Don’t Leave Behind a Will?

A will is like a roadmap for your loved ones, and without that essential guide, they’ll be completely lost. Aside from the confusion, you’re also setting up your family and friends for lots of infighting and drama: They won’t know what your last wishes were, and it’s highly likely they’ll end up fighting over whatever you’ve left behind – no matter how big or small your estate might have been.

How Are My Assets Divided?

Getting in touch with Dickmann Reason Bogigian & White means planning for your future, and ensuring that your estate is divided according to your wishes. When you plan your estate with the help of an estate planning lawyer, one of the key steps is creating a will that outlines the intended recipients of assets. With a will, this means probate, but if you choose to create a living trust you can avoid probate completely.

What is Probate?

After your death, your assets don’t just magically appear on someone’s doorstep. If you leave behind a will, it’s just the first step in a very long process called probate. Your will will name an executor, someone who you can trust to manage the probate process. They’ll have to serve as an intermediary between the probate court and the rest of your beneficiaries, and they’ll have to oversee the whole process to ensure everyone gets what they’re owed.

Probate involves tracking down all of your assets, and getting your assets valued by professionals. Your debts will have to be paid off, and (if your estate is large enough) estate taxes will have to be paid off as well. It’s a complicated and lengthy process, and your beneficiaries won’t see a cent until everything else is squared away.

Why Should I Contact Dickmann Reason Bogigian & White?

At Dickmann Reason Bogigian & White, we understand the importance of estate planning – and we’re here to help you understand the importance of estate planning as well. We provide dedicated case management, and consultations for anyone who’s interested in planning for their future.

Don’t wait to get started. Reach out to us today, and see how Dickmann Reason Bogigian & White can help you build a lasting legacy.