Thank You to Our Community #5
This is the time of year we like to pause and reflect on being thankful. In our personal lives, we often share these thoughts around the table at Thanksgiving. In our professional life, the words “thank you” are not said often enough. We would like to say “thank you” for the people and things that make our lives more fulfilling. We are incredibly grateful that the community – Camden, Rockport, Belfast, Rockland, Vinalhaven, Union, Warren, Appleton, Waldoboro, Thomaston, Midcoast Maine, has given us the opportunity to serve.
Throughout the next few days we will be posting what we will be thankful for in the spirit of the upcoming Holiday season. We challenge all other local businesses to do the same.
Reason #5 We are Thankful
The Ability to Help Clients Plan Before a Crisis Happens
My staff and I care greatly for our clients and like to see things go smoothly for them, especially as difficult issues arise. Clients who understand the need to plan early are more likely to find a smooth path into these transitions.
Estate Planning allows our clients to have peace of mind when thinking about current or future events. Planning for incapacity during one’s lifetime as well as distribution of one’s assets upon their passing is a part of that process. Often a traditional estate plan will have documents such as a Revocable Living Trust; a Pour-Over Will; a Durable Power of Attorney; a Health Care Power of Attorney; and a HIPAA Authorization. However, the provisions within the documents vary significantly depending on the focus of the attorney drafting them. One focus is to help clients plan for the possibility of needing long-term care while protecting the home and other assets, our planning documents often include an irrevocable trust designed specifically for this purpose. Other documents, like the Durable Power of Attorney, will include enhanced powers that allow the agent to engage in Medicaid and/or Veterans Administration (“VA”) pension planning.
Adding enhanced provisions to existing planning documents enables those trusted persons to pursue additional planning strategies if and when the time comes for the senior to utilize long-term care. When the time comes for Maine Medicaid planning or VA pension planning, it is imperative for the trustee and/or the agent to have the authority to take specific actions on behalf of the elderly person, like the authority to establish and fund an irrevocable trust, file a Maine Medicaid application or prepare a VA pension application. The grant of authority must be clearly stated within the documents yet these powers are not normally found in general estate-planning documents.
For more information on how Penbay Estate Planning Law Center could help and your family, please visit our website at www.penbaylaw.com