ARE YOU PREPARED FOR THE UNEXPECTED?
We all have schedules and appointments to keep. Our days are filled with work and family responsibilities, important meetings, get-togethers with friends and family, and maybe even a little “downtime” here and there, if we’re lucky. We plan our lives, both for the short-term and the long-term. You may think you have it all figured out, that everything is under control and you’re running on auto-pilot to accomplish everything. That is when the unexpected can happen.
In all of your planning, have you thought about what would happen if you, or a family member, has a medical emergency? An illness, an injury, or a surgery, any of which can result in hospitalization and/or a long recovery period, are typically not in the plan. Perhaps the emergency sets you back a few weeks while you recover. This is enough to cause problems at work and at home, resulting in lost income or falling behind on your endless “To-Do” list. But what if this emergency is life-changing, or even life-ending?
If an unexpected medical event does happen, that is not the time you will want to, or may even be able to, be thinking about getting your legal affairs in order. Documents that will be extremely important in this circumstance are advance directives and other estate planning documents.
Everyone over the age of 18 should have, at minimum, a basic estate plan consisting of:
1) Advance Directives for Health Care (i.e., Health Care Power of Attorney, Living Will, HIPAA Authorization)
2) Property (or Financial) Durable Power of Attorney
3) Simple Will
These documents will serve you well if you are hospitalized, incapacitated (either temporarily or permanently), and in the event of your death. You may be only 18, 35, or 48 years old, and you eat healthy and exercise every day, but an accident or illness can happen at any time. If it does, you and your family will be much better off if you have done some careful estate planning beforehand.
The basic documents will help, but most people will benefit from doing more. Protecting assets for your children or other beneficiaries, and avoiding unnecessary court costs and legal fees upon your death or disability, can only be accomplished if you take additional steps in your planning.
Even if you are nowhere near having a taxable estate (as of January 1, 2018, the federal estate tax exemption is approximately $11.2 million and the Illinois exemption remains at $4 million), there is a great deal of planning that you can do to protect yourself and your family from unnecessary expenses and disputes, creditors, and divorce. You may also be able to take advantage of planned gifting, income tax and capital gains tax planning strategies that are available now.
Don’t wait! Putting off doing your estate planning until you have more time may mean that it never gets done.
We would be happy to meet with you to see how we can help you get your affairs in order. You can have the peace of mind of knowing you have taken steps to provide for yourself and your loved ones, just in case the unexpected occurs. Please feel free to call Waltz, Palmer & Dawson, LLC at (847) 253-8800 to schedule a no-charge consultation.
Waltz, Palmer & Dawson, LLC is a full-service law firm with various areas of service to assist your business, including: Employment Law, Intellectual Property, Commercial Real Estate, Business Immigration, Litigation and general Business Law services. Individual services include Estate Planning, Wills and Trusts, Probate, Guardianship, Divorce and Family Law, Collaborative Divorce & Mediation.
This article constitutes attorney advertising. The material is for informational purposes only and does not constitute legal advice.