What is the most important component of an estate plan? This is a question that comes up a lot in this business, and as you might guess, different families will have different answers.

The Trust: Many families feel that this is the heart of the estate plan, and as such the most important part. As the document that outlines your wishes for distribution amounts and methods, nominates executors/trustees, defines your incapacity and lists your assets—there is definitely reason to think the trust an important part of your plan.

Healthcare Directive: Some people are more concerned with how their end-of-life wishes are carried out than with the distribution of their estate. Those people consider the healthcare directive—the document that sets out your wishes for medical treatment, resuscitation, and healthcare agents—the most important component of an estate plan.

Guardianship Documents: Parents of young children are often more concerned with the guardianship portion of their estate plan than any other portion; they trust that as long as their children are in the hands of loving and responsible guardians all the rest is secondary.

The Will: Some believe the will to be the most important document. This is especially true of single people at the older or younger end of the spectrum, who feel they don’t have enough assets to require a trust.

Powers of Attorney: Very few people feel this document by itself is the “most important”, but most people understand that as the document that confers fiduciary powers on your chosen agents, the Power of Attorney has an importance of its own.

These components are all helpful and necessary pieces of an entire estate plan, but the most important part of your estate plan is something else entirely; something grantors and beneficiaries, rich and poor, young and old, attorneys and clients alike can all agree on—the most important part of your estate plan is creating it!

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As an estate planning firm it is our job to keep our clients prepared for what’s coming. This means helping prepare them not only for the eventuality of death, but also for what is coming in life; retirement, the possibility of divorce, new children or grandchildren, and even taxes. Taxes especially are of great concern these days because of the new President and his administration, and although we don’t yet know exactly what the new administration will do on the tax front, this article from CNN’s Money.com gives us an idea of where they may be headed.

As for the others, there are many ways we can help prepare you—and your heirs—for any eventuality; whether it be to protect your (and their) assets from predators during your lives or to provide for your loved ones after your death. Please call our office to find out how we can help your family be prepared.

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There is a saying that goes something along the lines of “the only thing worse than getting old is the alternative,” which is said to express pretty well the dismay, betrayal, confusion and sometimes horror that go along with the aging process. Americans are living longer than ever—which really means that there are more opportunities for our bodies to fall apart on us—and elderly Americans are finding that they don’t have the means to pay for all the support and care (often professional care) that their aging bodies require.

Long-term care for elderly Americans can be extremely expensive; instead of heaping that cost upon their children (who in many cases may not be willing or able to pay it) many Baby Boomers are opting to invest in long-term care insurance to cover all or a portion of their anticipated long-term care costs.

If you are considering purchasing long-term care insurance the AARP has a wonderful article to help you through the process. The article covers everything from an easy overview of what long-term care insurance is and what costs it will traditionally cover, to key issues to consider before purchasing a policy.

The thing about growing old is that we all know it’s going to happen; the least we can do is prepare ourselves and our families for what’s coming. That means preparing emotionally, organizationally, and financially. If long-term care insurance can help with one or more of those things it brings us one step closer to growing old gracefully, and just as important—growing old peacefully.

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