HEALTHCARE PROXY In addition to financial matters, it’s essential to plan for healthcare decisions in the event of incapacity. A healthcare proxy, also known as a medical power of attorney, designates someone to make medical decisions on your behalf if you’re unable to do so. This includes decisions about medical treatment, long-term care, and end-of-life care. BENEFICIARY DESIGNATIONS Many real estate investors overlook the importance of beneficiary designations on assets such as retirement accounts, life insurance policies, and even certain types of real estate holdings. By designating beneficiaries, you can ensure that these assets pass directly to your chosen recipients without going through probate. Regularly review and update your beneficiary designations to reflect any changes in your personal or financial circumstances. LETTER OF INTENT While not a legally binding document, a letter of intent can provide guidance to your loved ones and beneficiaries regarding your wishes for your real estate investments. This document can include instructions on property management, maintenance, and any specific goals or objectives you have for your properties. While it may not have the same legal weight as a will or trust, a letter of intent can offer clarity and peace of mind to your heirs.
BY DESIGNATING BENEFICIARIES, YOU CAN ENSURE THAT THESE ASSETS PASS DIRECTLY TO YOUR CHOSEN RECIPIENTS WITHOUT GOING THROUGH PROBATE.
Estate planning is a vital aspect of managing your real estate investments and ensuring that your assets are preserved and distributed according to your wishes. By implementing these essential estate planning tools, you can protect your properties, minimize taxes and probate costs, and provide for your loved ones in the future.
BRADLEY BARTH, ESQ. Partner BarthCalderon, LLP (714) 704-4828 ext. 114 For a complimentary planning assessment click here.
Bradley Barth is a partner and Supervising Attorney of the firm’s Transactional and Estate Planning Department encompassing business formations and transactional matters, estate planning, domestic and offshore asset protection, probate, trust administration, tax and real estate law. He views his role as a trusted and long-term advocate of asset protection planning in helping his clients achieve and protect their financial goals and lifetime accomplishments.
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