We believe that Estate Planning attorneys should not just focus on drafting legal documents. We strive to take you through the process of Estate Planning in general to create an integrated Estate Plan. An integrated Estate Plan allows your family to be able to know exactly what you want and exactly what they need to do when you lose the ability to make certain types of decisions or you pass away. The components of this plan are the Funeral Plan, Life Insurance, Legal Estate Planning Documents, and Financial Planning documents.
We see the purpose of Estate Planning as preparation for both the unexpected and the inevitable. A funeral plan is preparation for your inevitable passing. You will save your family time and grief if you put your wishes for end of life into action now.
We are not Funeral Planning Counselors, but we have a list of trusted Counselors that will help you get on track with preparing for the end of life process as part of an Integrated Estate Plan. This list is provided as a service to our clients.
Life insurance is part of an Integrated Estate Plan because it is a financial tool that can be used for a variety of things. If you have a taxable estate, it can be used to offset the federal and state Estate Taxes. More importantly, it can create an estate for those you leave behind and even be used as an investment tool in some situations.
We do not sell life insurance as licensed life insurance agents, but we have a list of trusted life insurance agents that will explain in further detail how you and your family can benefit from a life insurance policy as part of an Integrated Estate Plan. This list is provided as a service to our clients.
The term Estate Planning can be heard in many different contexts especially in the legal and financial fields. Estate Planning in the financial field is based on a financial plan that can grow the assets that you have. In the legal field, Estate Planning refers to the protecting of your assets and your family through the use of legal documents. The legal documents generally used in this manner are Wills, Revocable Living Trusts, Durable Powers of Attorney, and Advance Health Care Directives. Here at Timothy Mahi‘ai White Attorney at Law, L.L.L.C., we draft those legal documents and connect you with other professionals that will help you to compile an Integrated Estate Plan.
A Financial Plan is part of an Integrated Estate Plan because it has to do with you finances in your current sitation. In addition to Legal Estate Planning documents, we find it important to see a financial advisor in order to create a well thought out financial plan. With this financial plan you may be able to achieve the goals of growing and protecting what you have and planning for retirement and long term care.
We are not financial advisors, but we have a list of trusted advisors that will help you get on track with your finances as part of an Integrated Estate Plan. This list is provided as a service to our clients.
Planning is something we do as humans on a daily basis whether it is for the day, the month, or the year. We plan for special occasions and the not so special occasions. So, why not plan for the unexpected and the inevitable.
The Unexpected (Incapacity)
The unexpected can come in many forms such as a car accident or an illness like Dementia. Although you may not pass away as a result of these events they may leave you unable to make important decisions about your care or your finances. This is known as incapacity. The legal documents associated with this type of planning are Advance Health Care Directives, Durable Powers of Attorney, and Revocable Living Trusts.
The Inevitable (Death)
Our time on Earth is limited and will eventually end with death. At that point we will no longer be able to have control of our belongings. Wills create a distribution plan that deviates from the State's plan for your things (Intestacy). A Revocable Living Trust also distributes those items, but may operate during life and well after death.
Why You Should Plan (Asset Protection)
In our eyes, your assets are your family and what you own. Having a well thought out and Integrated Estate Plan will protect your assets by preventing your family from tearing itself apart and squandering your other assets. The Integrated Estate Plan creates a road map for your family to follow in the event of incapacity or death that is likely to reduce the risk of family strife due to unspoken understandings, unexpected interested person, or feelings of entitlement.
How We Can Help
As part of the Integrated Estate Plan, we help you plan for the unexpected and the inevitable using Legal Estate Planning Documents. We will walk you through the process of creating a well thought out Estate Plan and put you in touch with other professionals who can help you with the non-legal planning.
Disclaimer: Do not rely on the above information as legal advice. This information does not create an attorney-client relationship. This information is for informational purposes only and is not meant to be legal advice. You should seek legal counsel from an attorney when approaching an Estate Planning issue to be sure you have a well thought out and integrated plan to achieve your goals. Past results do not guarantee future results.