What if you want to leave an inheritance, but worry creditors or taxes will chip away at it? Or if you want your loved ones to be cared for soon, but probate delays transfer of your assets?   The right trust can protect your assets, streamline distribution, and reduce financial risks. But trusts can be complex; professional help ensures they’re set up properly and legally valid.  Understanding the many different types of trusts and how they work can help you decide if one suits your estate plan.

A recent Caring.com survey found that many people view estate planning as essential when they acquire valuable assets like a home or a substantial cash windfall. More than half of the respondents -- 56 percent -- said they don't have a will or trust because some feel they lack enough assets to leave anyone. But estate planning involves more than things -- it also involves people; your final wishes form the future for those you love. The best time to plan is when you're healthy and don’t face a crisis. Yet, as the survey showed, some age groups are more prepared than others, and certain factors influenced their choices.

With Valentine's Day approaching, the stores are filled with heart-shaped candy boxes and fancy cards. Perhaps a better way to show your love for your family is to do some estate planning.  An “I love you” will (also called a "mirror," "sweetheart," or "reciprocal" will), lets you leave your estate to your surviving spouse. Later, upon the survivor's death, the estate likely passes to their children.

People often seek to avoid probate because they think it's costly and time-consuming. It can also make the content of a will public, which could be embarrassing if the person who died intentionally omitted an heir. The legal process for distributing a deceased person's assets and settling their debts varies by state. Compared to other states, in Maine, it is generally fairly inexpensive and efficient. 

If you’ve started the estate planning conversation, it's time to turn it into a team effort. If not, consider why it’s worth broaching the discussion before it’s necessary. Involving everyone in the process helps sidestep misunderstandings and disputes later. The goal is to create a plan that honors everyone while it preserves not just assets, but family harmony.

Right now, you and your loved ones might be healthy and capable. But imagine how peaceful you would feel knowing you’ve planned for the unexpected. Planning isn’t just about facing life today; it’s about creating a buffer for whatever lies ahead, especially in case of a disability.  Contingency planning through special needs trusts ensures you protect yourself and those you love no matter what happens.

Special needs planning helps ensure that people who can’t care for themselves stay eligible for government benefits throughout their lives.  Caring for a loved one with special needs is often a long-term commitment filled with challenges like changes in income, care, or coverage. It might feel overwhelming. But contacting a special needs planning attorney early can ease your mind, helping you shape a lasting safety net. 

You've probably heard about families who delayed estate planning and later faced legal dilemmas when dementia struck. With a dementia diagnosis, many wonder: Is it too late to create a valid will? In some cases, it might still be possible. 

A will guides your assets and your loved ones through your final chapter. But not every will suits every situation; each has advantages and disadvantages. Let’s explore some of the most common types of wills and their purposes in estate planning.

Are you or the seniors in your life ready for emergencies? Do you have a plan? During unexpected events, older people and the disabled are among the most at risk for injuries or worse. Limited mobility, chronic health issues, and sight or hearing impairments can reduce their reaction times. A solid action plan can protect their health and safety.

An average of six out of every ten American adults lack an estate plan. Like a sandcastle washed away, without a plan, the lifetime legacy you’ve built could vanish. When your loved ones grieve, as medical bills mount and deeds gather dust, your final wishes can remain a mystery.

The closing of more senior care facilities in Maine spotlights concerns about long-term care options. For some healthy older adults, aging in place gives hope. But it might not be the right path for everyone.

Do you think older adults who start an exercise program won’t gain strength or flexibility? Or that doing mentally stimulating activities later in life is pointless as the benefits could be fleeting?  Imagine clearer thoughts after a brisk walk or the satisfaction of mastering a new Zumba move. Studies show these and other activities can boost mental and physical strength at any stage of life.

Let's face it: planning for the final chapter doesn’t top most to-do lists. Yet being proactive about your legacy can be an empowering experience. Having these conversations and making decisions ahead of time may spare your loved ones distress. Planning also prepares you or those you love for the expenses involved. As with the prices of everything from rent to groceries, funeral and burial costs are rising. 

Stories about will disputes or disinherited relatives have been fodder for plays and movies for years (e.g., "Knives Out"). Perhaps some of these stories inspire you to leave an inheritance that will keep your loved ones happy - or at least keep them away from each other's throats! 

Arranging for your first consultation can calm any concerns and maximize your time with your attorney. Learn about the documents and the details to gather for a productive discussion.

When the New Year approaches, some of us aim to make a new start to enhance our quality of life. Beyond setting personal goals, it's an ideal time to update or create an estate plan.

We often catch up with our relatives and the changes happening in their lives at family gatherings. For some families, they're among the few times everyone will get together under one roof. These celebrations can be the right time to start the conversation about your loved ones' future. An effective estate planning discussion involves timing, tact, and strategy. The conversation can continue and evolve later

Planning tends to clear the path for long-term success. Spur-of-the-moment decisions work for simple pursuits like trying a new restaurant. But major endeavors like raising kids, especially children with special needs, benefit from thoughtful strategies such as life care planning.  

The silver lining in a dementia diagnosis is that it emphasizes the importance of living life as fully as possible now. The uncertainty over how the disease will progress also highlights the urgency of planning for the future. As you journey forward, taking this step can help you and your loved ones feel more in control.

If you die without a will, you might believe your money or your property will go directly to your surviving next of kin. But that doesn't always happen. If your assets must pass through probate first, the process could delay the inheritance and cause stress for your loved ones. Preparing a will before you die makes it more likely that your assets will be distributed according to your wishes. 

Do you believe lightning never strikes in the same place twice?  As it turns out, that’s not true. The Empire State Building, for instance, survives dozens of lightning strikes each year. Like other aspects of popular culture, estate planning has its share of beliefs that on closer scrutiny, don’t hold up to the facts. But because they’ve become widely accepted, people tend to think they’re true.

Without other people to act on your behalf, your estate plan wouldn’t exist. Choosing the right legal representatives and beneficiaries for one requires thought and care; they must also be willing to serve in those roles. When you choose them, you should weigh certain factors in your decision.

A Wells Fargo survey found that nearly half of all Americans would rather discuss funeral plans than financial plans with their parents.  The discomfort about broaching these and similar topics can arise over concerns about appearing to expect an inheritance. Adult children might also wonder if they’re ready to handle responsibilities like caring for aging parents. And they could fear their parents will overreact or they will lead their parents to think they believe they’re experiencing health or financial troubles. To ensure you won’t need to guess in an emergency, find out your parents' financial, health-care, and legacy plans -- whether they’re already in place or should be considered. Here's how.

The end of the COVID-19 public health emergency has led to a return of Medicaid eligibility reviews nationwide. People often seek help with Medicaid planning in a health-care crisis – when they or a loved one become seriously ill or need nursing home care and can't afford it. State laws and eligibility requirements for long-term care (LTC) may be hard to understand without advice. Experienced elder law attorneys, like those at LWP&E, can offer ways to qualify for Medicaid while you protect your assets.