In this episode, Tim will explain why Estate Planning is for everyone and the best times in life to visit (or revisit) it.
Podcast transcript:
WRVO Producer Mark Lavonier:
This podcast is part of the series Estate Planning Pro Tips, hosted by attorney Tim Crisafulli of Crisafulli Estate Planning and Elder Law PC an estate planning probate and elder law firm serving clients throughout central New York. A former school teacher, Tim explains complex legal subjects in an easy-to-understand way. The commentary focuses on the central aspects of estate planning, such as Wills, trusts, asset protection, long-term care, and probate. And now here's Tim.
Tim Crisafulli:
I'm often asked, “Do I need to worry about estate planning?” Well, my flippant answer is only if you might die someday. But on a more serious note, of course you do. Many people have the misconception that estate planning is only for people with significant wealth. In reality, estate planning is about so much more than just passing on assets. It's about staying in control of your health care decisions by making sure that you appoint the right people to tell doctors what to do if ever you can't speak for yourself. Estate planning is about choosing who should be able to handle banking, pay bills, and handle other transactions if ever an accident or dementia makes you lose the ability to do those things yourself. It's about protecting assets if ever you require long-term care, whether that be delivered in your home, in an assisted living facility, or in a nursing home. Estate planning is about leaving assets to loved ones in a way that is responsible and good for those loved ones. After all, there are many, many situations, from being too young to being a spendthrift. That may make it unwise to just drop a large check in a beneficiary's hand. In sum, estate planning is for everyone. Turning to timing, the good news is that if you're listening to this podcast, it's not too late. I suppose the only firm deadline for a person to complete planning is just before dying. But again, that's flippant. It is prudent for an 18-year-old leaving the nest to at least have a health care proxy and power of attorney in place, so that medical decisions can be made and financial transactions managed if the young adult suffers an accident or health issue. Young couples welcoming their first child find it important to designate someone as legal guardian and to manage assets if they should pass while the child is still a minor. In fact, I get many calls from couples just before they take their first road trip or plane trip without their firstborn. Adult children whose parents are in need of long-term care at home or in a nursing home, often contact me to learn about options for caring for their parents and preserving assets amidst crushing financial costs. Finally, those nearing or just past retirement frequently call to ensure their affairs are in order, so it's always the right time for estate planning. Though the sophistication of the plan needed at different points in life may change.
