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Planning Ahead: Are you ready?

Have you planned for the future? Take this Life Quiz written by attorney Craig P. Goldman at Goldman Law Office, LLC(952) 886-7205, to find out:

A Life Quiz

1. If I were to become incapacitated, is there someone authorized to make medical decisions for me? (Hint: Your spouse is not automatically authorized to do so).

2. If I were to become incapacitated, is there someone authorized to manage my financial affairs and sign documents for me? (Hint: Your spouse is not automatically authorized to do so).

3. If I passed away today, do I know which of my assets would have to go through probate and which would not?

4. Are my spouse’s and my assets protected if either (or both) of us goes into a nursing home?

5. True or False: A Will avoids probate.

6. True or False: If I jointly own assets with my spouse (including our home), I do not need a Power of Attorney.

7. True or False: A spouse can always make medical decisions for an ill spouse, even if the children disagree.

8. True or False: If my spouse dies without a Will, I will receive the same amount of assets regardless of how long we were married.

9. True or False: I cannot gift more than $13,000 in one year to any one person.

It is very important to learn the answers to these questions, and how they will impact your unique situation. 

No one likes to think about dying but planning your estate will ensure your assets are protected and your loved ones are provided for. Some of the steps you need to make sure this happens are:

  1. Create a Will, a Trust, or both, depending on your needs and wishes;
  2. Create a financial Power of Attorney;
  3. Create a Health Care Directive;
  4. Consider life insurance and possibly pre-paying your funeral;
  5. Ensure that beneficiary designations on life insurance and retirement assets are appropriate; and
  6. Review asset protection options against possible future long-term care costs.

Completing these steps is going to require the help of legal and financial professionals. However engaging these professionals in creating your estate plan will ensure that you have covered all the bases for the needs of your loved ones, and help you monitor and accomplish the goals of your estate. 

“To suspect your own mortality is to know the beginning of terror, to learn irrefutably that you are mortal is to know the end of terror.”- Frank Herbert

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