Many celebrity deaths from Prince to Whitney Houston have highlighted what can happen to an estate in the event of an untimely death. So, how can you prepare for the unexpected? Do you know what to do when your older relative falls and breaks a bone? There can be a lot of decisions to make.  Where do you turn?

I like to use the term “Life Planning,” and this is where our Estates, Gifts and Trusts (EGT) Team thrives. There are three categories of which you can look at life planning.

• Estate Planning: the process of anticipating and arranging for the management and disposal of that person’s estateduring the person’s life and at and after death, while minimizing gift, estate, generation skipping transfer, and income tax.
• Gift Planning: Planned giving, sometimes referred to as gift planning, may be defined as a method of supporting non-profits and charities that enables philanthropic individuals or donors to make larger giftsthan they could make from their income.
• Trust Planning: A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan. A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trust planning is the best way to protect assets form bankruptcy and control where they go after your death.

Everyone at some point will go through issues of ill or aging relatives. This can include a sudden turn in physical health due to fall or diagnosis and memory loss. Did you know that Corrigan Krause has developed a team who specializes in:

• Estate planning reviews to make sure that documents are doing what you intend them to do and assets are going to the right place.
• We can also help with bookkeeping and bill paying, which can also help prevent fraudulent and double charges to accounts

Our EGT team can also provide guidance on long-term care insurance, health care financing, home care vs. nursing home evaluations and medicare/medicaid/social security review.

Life planning is essential to ensure wishes are carried out, not only at your date of death, but into the future. Don’t wait. Knowing a sound, comprehensive plan is in place to guide you through any unexpected situations will offer you peace of mind.

Have questions about life planning? Email us at info@corrigankrause.com.