Why is it important to stray from traditional estate planning?
Because many professionals have been trained to prepare estate plans by using the “death plan” mentality. Also, since the world today is rapidly changing, doesn’t that mean our estate plans should too?
Most people today tend to create “Sweetheart” wills at the suggestion their advisors. In this case, the attorney will ask you a couple of questions like: your name, your loved one’s name, and who you want to leave things too when you die. Today this is overly simplistic.
What is most important is that people create wills that follow the “death” rules of estate planning, BUT also will address what will happen if you have a long-term illness before your death.
Long term care requirements dramatically change both your wills, trusts and powers of attorney and your course of action.
Therefore, you must address long term care issues.
-Anthony B. Ferraro