We get a lot of questions about estate planning -- mainly because people don't understand what is involved or why they would need an estate plan. We hope to answer some of those questions here.

What is an estate plan?
Estate plans range from a simple will to complex trust arrangements that govern the transfer of various assets from multiple sources.

While estate-planning arrangements can accomplish nearly limitless things, they all have one thing in common: they all let you determine where your stuff goes without the court dividing it up for you.

Are estate plans for the wealthy?
Most people have this idea that estate plans are an elaborate system used by the super-wealthy to protect their money and assets and plan around tax liabilities.

Estate planning is used for these things, but it can also be important to people who don’t put themselves in that category.

What can estate plans help with – other than money?
Everyone can benefit from an estate plan because of the peace of mind that their property will be dealt with in the way that seems most appropriate to them, according to their needs and wishes. These might be for financial reasons, but it can also be for non-financial purposes, like making sure specific items of sentimental value go to certain loved ones.

Another common use of estate planning is to plan for the care of minor or dependent children. For example, parents might create a will with a testamentary trust to pay for the upbringing of your children; have durable powers of attorney for both parents; have durable powers of attorney for the care of the children; and a living will.

How can my estate plan help support a cause that’s important to me?
Some people want their money or property to go to loved ones, and others want to donate to a cause that means a lot to them. For example, you can leave large pieces of property (like a home or vehicle) to a nonprofit organization of your choice, and the organization can use the property or sell it.

Do estate plans include what kind of arrangements I want for the end of my life?
Your desires regarding funeral arrangements can be included in your estate-planning documents. When it comes to elder law planning – for the care you might receive toward the end of your life, like in-home care or a nursing facility – this is related to your estate planning and can be completed alongside your estate plans.

What happens when you die without having an estate plan in place?
If you die without a plan, the state has one for you. It’s called intestate succession, and – through the court system – the state gets to determine who gets your assets and how much each person gets. Your wishes would have no bearing on where your assets go.

There is another option. With an estate plan in effect, the intestate succession rules no longer apply. The assets you leave behind can go where you want them to go.

You’ve worked hard to get what you have, and you deserve to have control of what happens to it.

Harvest Legal serves clients with diverse legal needs, including business and estate-planning matters. To learn more – including how to get an estate plan – visit www.harvestemporia.com or call 620-263-0391.

A primary focus at Harvest Legal is helping our clients with planning for their current stage of life and their future. This is such a focus at Harvest Legal that it is distilled in our slogan: For Life’s Milestones. When done properly, a little time and planning now can save you lots of work and heartache in the future. We strive to help our clients with this, from personal planning to business planning.

WHY PLAN?
First and foremost, planning is valuable because it works to provide some semblance of control and security for your future. By making a plan, you have an idea about what might happen going forward. From a cost-benefit approach, planning often helps reduce risk and liability. When done properly, your plans are created to help make them clear to others, reducing the chance for misunderstanding. This is often beneficial when thinking of litigation and how to avoid it. Some time and effort on the outset can often help you avoid complicated and costly litigation down the road.

PERSONAL PLANNING
One common area of planning occurs in the personal realm. This is when we often see estate planning come up. This planning helps to set out what your final wishes for the disposition of your property may be, and also determines who gets what. After a lifetime of work to accumulate your assets, the last thing you likely want is to have no real control over the distribution of those assets. This is also important because it allows you to have a final say in any philanthropic measures that you might want to support after your passing.

A second area of personal planning that is getting popular as members of the baby boom generation age and retire is elder law planning. This is a multi-faceted planning approach that works to help make sure seniors’ wishes are met, while at the same time making plans to move forward into a future that is often filled with exceedingly high medical costs. By properly planning for this reality, an individual might avoid liquidating everything to fund their future care and still be able to transfer some possessions and wealth on to the next generation.

BUSINESS PLANNING
The other most common area of planning work Harvest Legal routinely works with is business planning. From startup to success or liquidation, careful planning is necessary to maximize the financial situation of your business. Harvest Legal works to come alongside business operators at all stages of the business life cycle and work to make sure the business is on the most solid footing planning-wise. We want to help make sure the desires of the company’s ownership are clear, to avoid conflict whenever possible.

While not always fun to deal with, proper planning in our personal and business lives is necessary to succeed. Harvest Legal is here to partner with you to help make the best plans possible in a way that respects your wishes and your budget.

Originally published in the April 2014 edition of the Emporia Gazette's Living 50Plus.

Those entering retirement age and considering their legal needs often think of estate planning.

However, estate planning is just one piece of the overall legal planning puzzle. Planners can take other steps to ensure a well-rounded plan exists for their future and their loved ones.

Elder law planning includes healthcare, guardianship, and long-term financial planning, including tax matters. In short, elder law is about setting out plans to help you have the life you want as you grow older.

With approximately 10,000 Americans turning 55 every day, many need additional planning to protect the interests of these people in their golden years. Elder law is considered a more holistic planning approach to cover various aspects of life.

Another part of elder law planning deals with organizing and planning for aid given to loved ones. For those who have a loved one with a developmental disability, this is likely of great importance.

Medical advances in technology and care have helped extend the lives of people with developmental disabilities and allow them to live at home with their families.

A 2008 study showed that 63 percent of care providers for people with developmental disabilities are aged 41 and older. This has greatly affected elder law, as care providers have considered special-needs planning to care for those affected loved ones.

The first significant part of special-needs planning involves preparing a special-needs guardianship. This document lays out desires for who should have the legal and financial decision-making power for a special-needs loved one once the care provider dies or is no longer able to provide care.

Final determinations of guardianship are made by a judge, but by preparing this in advance, care providers are able to provide insight to the judge regarding their wishes for guardianship.

The second major part of special needs planning deals with the preparation of a special-needs trust. This trust provides the assets and means necessary to help care for a loved one with special needs for the rest of his or her life.

Those with an aging spouse or parent with special medical needs might consider similar planning to provide for his or her needs.

Elder planning is about much more than issues dealing directly with estate and trust planning. A properly developed elder plan will help to direct the majority of life decisions that adults will face as they grow older.

Harvest Legal serves clients with diverse legal needs, including business, agricultural and personal matters. To learn more, visit www.harvestemporia.com or call 620-263-0391.