Is Estate Planning Necessary For Individuals With Under $1,000,000 In Assets?
Everyone should implement estate and long term care planning to protect one’s assets and to preserve one’s dignity. A Durable Power of Attorney with Health Care Proxy and Living Will can ensure ongoing decision making in the event of a disability. Wills and Trusts can ensure a proper disposition of your assets at the time of your death. Long Term Care Planning can protect your assets from Medicaid and the nursing home. There are also Federal and State income tax issues which affect people with under $1,000,000 that should be addressed (for example, IRA distributions, basis rules, and capital gains on the sale of a residence).
