Because our business is centered on helping Seniors Downsize ,in addition to being children of aging parents, we have come to realize the importance of Senior Estate Planning for seniors and their children.
According to Guy Garner, Arlington Elder Law Attorney, “The term “estate planning” has been defined as the art of designing a plan for the effective enjoyment, management, and disposition of property at the minimum possible legal and tax cost.” Mr. Garner’s client, defined estate planning in this manner:
“We want to control our property while we are alive and well, care for ourselves
and our loved ones if we become disabled, and be able to give what we have, to
whom we want, the way we want, and when we want, and, if we can, we want to save every last tax dollar, attorney fee, and court cost possible.”
Garner believes there are six basic, essential estate planning tools that should be used, or at least strongly considered, for every adult living in the state of Texas.
TOOL NUMBER ONE – WILLS/LIVING TRUSTS
TOOL NUMBER 2 – A DURABLE GENERAL POWER OF ATTORNEY
(Someone to watch over my daily business affairs)
TOOL NUMBER 3 – MEDICAL POWER OF ATTORNEY
(Someone to watch over me in a medical emergency)
TOOL NUMBER 4 – DECLARATION OF GUARDIAN
(Someone to watch over me if I become incompetent)
TOOL NUMBER 5 – THE LIVING WILL/DIRECTIVE TO PHYSICIANS
(My instructions for care if I am terminally ill or have an incurable disease)
TOOL NUMBER 6 – THE HIPAA RELEASE DOCUMENT
We have used Mr. Garner for our parent’s estate planning and would highly recommend him for his expertise and caring manner.
Other estate planning resources that you may want to consider:
AARP – Legal Documents You Need Now!
Texas Young Lawyers Association – Seniors and the Law
As always the Sullivan & Sullivan team are available to help you with your Senior Downsizing needs. Feel free to contact us by clicking here.