Creating an integrated estate plan is ideal way to create, preserve, and protect your legacy. When you use wills, powers of attorney (POA), and trusts, you will be developing a customized plan based on your goals. At Ace Lakhani Law Firm, we help you with each step of the process, from understanding your options to taking the right steps for decades, our experienced legal team has been providing personalized estate planning solutions to our clients in Las Vegas, including both individuals and families.
Need for Estate Planning
The goal behind estate planning is to protect and preserve assets. We can develop a comprehensive estate plan to address your needs when you are alive, while also ensuring a smooth transition to your heirs. An Estate plan also helps in minimizing your potential tax expenses.
Explore the range of estate planning services and solutions that we offer so that you will know how we can help you:
Revocable Living Trust
A revocable living trust is a written document deciding how your assets are handled after your death. The types of assets it covers include:
- Real estate
- Bank accounts
- Valuable possessions
A revocable living trust will be created during your lifetime. The assets assigned to the trust will be transferred to your chosen beneficiaries on your death. It is up to you to make adjustments to the provisions or cancel the trust at any time.
We also help our clients with living wills. You should consider creating a living will if you want to provide your loved ones with essential care instructions if you will not be able to act on your own. Some of the conditions when you can become incapable include:
- Being physically/mentally incapacitated from illness or accident
- Terminal illness
Having a living will in place will provide peace of mind to you and your family. It will help ensure that your medical care and end-of-life processes are taken care of according to your wish. Some key benefits of having a living will include:
- Appointing a medical power of attorney
- Reducing the burden of decision-making for those who will care for you
- Preventing arguments
- Refusing any treatments that you will not want
- Knowledge that you will get the medical care you deserve
- Arranging for medical care expenses well in advance
Last Will & Testament
A last will and testament allows you to leave your property to those of your choice. You will be the one deciding who will receive what from your estate. There will be no need to worry that your estate will come under the authority of state laws related to intestacy.
Some of the key features and powers in your hand include:
- Appoint a guardian for your children and ensure that they are well provided for
- Create a testamentary trust in your will
- Select who will execute your will
- Plan for personal matters
- Make amends to your will
- Revoke your will any time
A power of attorney (POA) provides you with control over situations when things become unpredictable. We can help you appoint someone to make decisions on your behalf for your health care and finances. The person can also be assigned to manage such affairs in case of your inability to manage them on your own.
Some of the key benefits of a POA are as follows:
- You will be preventing disagreements since there will be a designated agent to make the decisions.
- Your appointed agent can handle real estate, investments, and business operations, ensuring asset protection.
- The attorney can continue providing monetary benefits to your family, pay for your children’s education, and pay towards maintenance of your household’s expenses from your assets. This helps ensure your family is well taken care of.
From elder law issues to business structures, Ace Lakhani Law Firm can help ensure your plan covers you for all kinds of scenarios. Our attorneys will work closely with you to develop your customized estate plan to address the specific goals of your family.
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