Estate Planning Misconceptions

Many people are under the misconception that “estate planning” is primarily drafting a last will and testament; however, it’s much more than that. As part of estate planning, you’ll consider durable general (financial) powers of attorney, health care powers of attorney, living wills, guardianships and more. Estate planning is more than planning for your death; it is also planning for your future.

Another common misunderstanding is that you are too young to think about estate planning, but there is no magic age, and it’s best to be prepared.  Creating a plan while you are still relatively young, healthy, and clear-headed is key, and you can always revise that plan as you age. Having an estate plan in place ensures your wishes and assets are protected and gives you peace of mind if an unforeseen accident or illness occurs.

A third misconception is that any licensed attorney or online legal service can provide proper estate planning advice.  Not every situation is the same, so working with an estate planning attorney is key.  They have the knowledge and experience to guide you through this process and recommend options that are unique to you. This means: You control who receives your assets after death,

  • You decide who takes care of your minor child or a loved one with a disability,
  • Your legal fees and taxes are minimized,
  • And you are protected in the event you become incapacitated so that you, through the individuals you choose, not the courts, keep control of your assets
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Elder Law Talks – Powers of Attorney

Hickman & Lowder Co., L.P.A. is excited to continue our Elder Law Talks series. Our short videos are designed to help you expand your awareness, reduce your stress and redefine what is possible as you advocate for your loved one.

On This Week’s Episode: Powers of Attorney

Elder Law Attorney David Banas breaks down powers of attorney, he discusses two main types and how important they are when caring for loved ones.

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Meet the Team: David Banas – Attorney

David is a shareholder and director at Hickman & Lowder. He concentrates his practice on elder law, particularly planning for long-term care issues, assisting with the Medicaid process, trust and estate administration, as well as general estate planning. David also focuses on special needs planning, by establishing guardianships, trusts, and other legal mechanisms-to help families care for their loved ones. Working together with his clients, he can help protect a child with special needs or ensure that a spouse or parent obtains the dignified long-term care they need.

 

🎓 Capital University Law School Graduate
🎶 Loves listening to the Avett Brothers
👦🏻👦🏻 Proud Dad to two boys
🚲 Enjoys biking

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Attorney David Banas Featured in Cleveland Jewish News

Attorney David S. BanasAttorney David Banas was featured in the CJN article Planning for Disabled Dependents Key in Estate Plan where he discusses how the planning process becomes even more vital to those who have a beneficiary with special needs.  “If something were to happen and mom and dad, who are the caregivers, there would be someone able to make decisions on their behalf with the ability to also go out and organize care for the disabled loved one,”

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Elder Law Talks Episode 3

Hickman & Lowder Co., L.P.A. is excited to continue our Elder Law Talks series. Our short videos are designed to help you expand your awareness, reduce your stress and redefine what is possible as you advocate for your loved one.

This week’s episode: Parents of an Adult Child with Disabilities – What Happens When You Need Care Yourself?

 

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