As of the 2025 tax year, many older Americans may realize a new tax benefit…
It is safe to say that estate planning is generally not a prime consideration for most young adults in their 20s or 30s. The truth is that estate planning for people in this age group is just asimportant as it is for anyone else!
If you are unable to make your own health care decisions or financial decisions, it is important to ensure that someone trustworthy is authorized by law to make decisions on your behalf: Therefore, anyone age 18 or older should have the following documents:
A Durable Power of Attorney allows an individual that you select to make financial decisions for you, if necessary. Similarly, your Health Care Proxy will designate an individual of your choosing to make healthcare decisions for you if needed.
In addition, for individuals with young families, a Last Will and Testament is not only necessary to set forth who should inherit your assets, but it will also designate guardians for your minor children. Guardian appointments stipulate the person or people who will take care of the children, should you pass away prior to when your children reach the age of 18. It is incredibly important to have this designation in writing.
Consulting with an estate planning attorney at any age will ensure that your goals and wishes are carried out.
If you would like to speak with an experienced elder law attorney regarding your situation or have questions about something you have read, please do not hesitate to contact our office at 1 (800) 680-1717. We look forward to the opportunity to work with you.
Disclaimer: The information provided above is for general informational purposes only and is not legal advice.
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