• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Unsworth LaPlante, PLLC

Vermont Estate Planning Attorneys

Vermont: (802) 879-7133

Attend A Free Workshop
  • Home
  • Our Firm
    • About Our Firm
    • Meet Our Team
    • What to Expect When Working with Us
  • Services
    • Estate Planning
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid Planning & Elder Law
    • Pet Planning
    • Special Needs Planning
    • Trust Administration
    • Young Families Planning
  • Resources
    • Articles
    • Elder Law Reports
    • Elder Law Resources
      • Burlington
      • Montpelier
      • Rutland
      • St. Johnsbury
      • White River Junction
    • Estate And Gift Tax Figures
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Estate and Gift Tax
      • Estate Planning
      • FAQs for Families Without an Estate Plan
      • Incapacity Planning
      • IRA & Retirement Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Pet Planning
      • Special Needs Planning
      • Trust Administration
      • Trusts
      • Wills
    • Is Your Estate Plan Outdated?
    • Medicaid Resources
      • Medicaid Analysis Worksheet
      • Medicaid Guide
      • Vermont Medicaid
    • Newsletters
    • Presentations
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
    • SECURE Act
    • Top Estate Planning Techniques
  • Webinars/Seminars
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact
Home » Yes, You Need an Estate Plan

Yes, You Need an Estate Plan

July 28, 2021 by Ellen LaPlante

estate plan neededFar too many people go through life without giving a second thought to the subject of estate planning. They assume that they will have time to address it when they are old and gray, and if they never get around to it, the matter will take care of itself.

In reality, there are some compelling reasons why you should have an estate plan in place, and we will look at some of them in this post.

Prevent a Messy Situation

If you die without any estate planning documents at all, the condition of intestacy will be the result. Under these circumstances, your family members will be in disarray from a practical perspective as they are simultaneously grappling with the emotional fallout.

Ultimately, the probate court would provide supervision during the estate administration process, and a personal representative would be named. In some cases, members of the family may not be happy with the choice that is made by the court.

People can have conflicting interests, and this can create a negative dynamic. At the end of the process, some people in the family may be disinherited or shortchanged. Worst of all, your own true wishes may not be carried out if the court is forced to go by the intestate succession laws.

You have the power to make sure that your family does not go through this type of situation.

Protect the Beneficiaries

Quickly creating a simple will and leaving it that is one option, but the people on the list would receive lump sum inheritances. If you are the parent of dependent children, you should certainly make sure that they are provided for if something happens to you, but they cannot handle money.

Short of this, you may be planning to leave inheritances to adult children and/or grandchildren, and some of them may not be ready to handle significant resources.

Another scenario that is out of the ordinary is inheritance planning for people with disabilities that are enrolled in need-based government benefit programs. A sizable inheritance could cause a loss of eligibility.

There are specific steps that can be taken to address all of these circumstances. Your estate plan should be custom crafted to provide for each and every one of your loved ones in the ideal manner.

Asset Protection

Your legacy can be decimated by legal actions if you are a business owner, an investor, or a person that is in a high-risk profession. You should definitely implement a proactive asset protection strategy to preserve your resources if you are in a vulnerable position.

In addition to potential legal actions, nursing home asset protection is another consideration. Most elders will need some type of long-term care eventually, and about 35 percent of seniors will require nursing home care.

Medicare does not pay for the custodial care that these facilities provide, but Medicaid will cover long-term care. You could establish and fund an irrevocable trust with future Medicaid eligibility in mind, but the action must be taken at least five years before you apply for coverage.

Estate Tax Efficiency

Families that have been particularly successful from a financial standpoint have to be concerned about the potential impact of estate taxes. In Vermont, we have a state-level estate tax that is applicable on the portion of your estate that exceeds $5 million.

On the federal level, there is an estate tax with a 40 percent top rate and $11.7 million exclusion. The exclusion is the amount that can be transferred before the estate tax would kick in.

If the value of your estate is in taxable territory, you can implement a tax efficiency strategy that will mitigate damage.

Schedule a Consultation Today!

Our doors are open if you are ready to work with a Burlington, Vermont estate planning attorney to put a custom crafted estate plan in place. You can send us a message to request a consultation appointment, and we can be reached by phone at 802-879-7133.

 

  • Author
  • Recent Posts
Ellen LaPlante
Ellen LaPlante
Ellen LaPlante is an attorney whose mission is to provide clients with guidance in Estate Planning, Elder Law, and Medicaid Preparation. She is barred in Vermont and New York. Ellen helps clients put together unique estate plans, including assistance with Trusts, Wills, Powers of Attorney, and Advance Directives. She also works with clients on Medicaid Planning and qualifying for Medicaid assistance.
Ellen LaPlante
Latest posts by Ellen LaPlante (see all)
  • How to Spot Signs of Elder Abuse - August 4, 2022
  • Should I Have Long-Term Care Insurance? - July 12, 2022
  • What Can I Do to Discourage a Will Contest after I Am Gone? - June 30, 2022

Filed Under: Uncategorized Tagged With: Estate Planning, asset protection, Estate Tax, beneficiary protection

Other Articles You May Find Useful

Essex Junction elder law attorneys
How to Spot Signs of Elder Abuse
Essex Junction trust attorneys
Is a Trustee Paid?
How Do I Trust Thee…Part III
Essex Junction estate planning attorney
What Happens If I Die Without a Will in Vermont?
How Do I Trust Thee…Part II
How Do I Trust Thee…Part I

Primary Sidebar

Elder Law and Medicaid Planning Attorneys

Unsworth LaPlante, PLC

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Essex Junction, VT

26 Railroad Ave
Essex Junction, VT 05452
United States (US)
Phone: (802) 879-7133
Fax: (802) 879-0408

Map

unsworth_sidbr_map

Office Hours

Monday8:00 AM - 4:00 PM
Tuesday8:00 AM - 4:00 PM
Wednesday8:00 AM - 4:00 PM
Thursday8:00 AM - 4:00 PM

Footer

footer-logo
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

The information on this Vermont Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

American Academy of Estate Planning Attorneys, Inc. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2022 American Academy of Estate Planning Attorneys, Inc.