Upon hearing the term estate planning, many people experience feelings of anxiety and worry. Let's face it, no one wants to think about their own mortality and many people solely equate the estate planning process with just that. In reality, there are numerous reasons why, regardless of age or health, it's important to take steps to establish an estate plan.
For parents with minor-age children, it's crucial to provide for a child's future care and financial security. A will can be used to account for guardianship of a minor-aged child in the event a parent passes or is otherwise incapacitated and cannot attend to a child's everyday care. Additionally, a trust can be used to provide for a child's future financial needs while also allowing a parent control over how and at what age trust assets are distributed.
For individuals entering middle age, estate planning concerns center more on one's own future retirement and long-term care needs. By consulting with an estate planning attorney, an individual can gain valuable advice and insight into ways to generate future income that can be used during retirement. Additionally, an attorney can assist in ensuring an individual's estate plan takes advantage of and affords an individual and his or her family members with important tax savings and benefits.
As an individual lives out his or her retirement years, individual life and future long-term goals may change. Consequently, adjustments may need to be made to the contents of a will, beneficiary designations and executor or trustee designations. Additionally, an individual's long-term care needs may necessitate changes to estate planning documents to ensure for healthcare needs.
For more than 30 years, the estate planning attorneys at Cushing & Dolan, P.C., have helped Massachusetts residents establish and maintain their estate plans to meet changing estate planning goals. Handling matters related to wills, trusts, tax planning and long-term care; the attorneys at Cushing & Dolan, P.C., are well-versed in all estate planning matters.