Creating and executing an estate plan is a process that requires thought and consideration. You must identify the beneficiaries who are going to inherit the assets that you worked a lifetime to acquire, how your beneficiaries are going to receive those assets, and whom to entrust to make decisions on your behalf in the event of incapacity. Once your estate planning documents are created and executed, many clients believe the estate planning process is completed. But, what is often overlooked is where your estate planning documents should be stored.

Each week iHeartMedia radio station, WGY, invites local experts to share their knowledge on a range of topics. Recently, they invited attorney Lou Pierro to share his biggest tips on Estate Planning.

Dec 19. A Will is something everyone should have if they are age 18 or older. A Will requires probate – a court process – which can take a long time and cost a substantial amount of money. As an alternative to a trust, a ‘Living Will’ does not require a court process. It’s a faster way to pass your assets on to your beneficiaries. The only way to know which one would work best for you is to ask an experienced Estate Planning lawyer. Lou also suggests that people review their documents every 1-5 years. Life can move fast, so staying on top of your assets is very important.

In the next podcast on Dec. 26, Joe asks Lou about long-term goals people should be considering.  Today, people are living longer and want to age in place. To do this successfully, you need to plan for the type of care you want to receive, and how to cover those expenses. The cost of a nursing home is about $150,000 dollars a year. Many people will not be able to sustain this, unless they plan in advance. Pierro, Connor & Associates offers free consultations to generate options customized for each family’s needs. Call us at 518-459-2100.

Many people see an attorney for estate planning reasons, and we’ll assume that is the reason your parents have gone to see their attorney.

Let’s also assume your parents are in their mid-70s, retired and in fairly good health, although there is a family history of dementia on your mother’s side. They live in their own home and are fairly independent, and have modest net worth that would be far from a taxable estate under the current estate tax rules.