Sponsor link:
www.reeselawoffice.com Key Takeaways:
0:00 Intro
1:04 Andrea talks about what someone that is contemplating a divorce or has received a final decree of divorce be doing to protect their interests and what’s an estate plan and why everyone should have one
2:42 Andrea talks about what to do next if you already have an estate plan and the different items that comes with an estate plan
6:16 Andrea explains if people are still making the appointments to go and sign the final papers in Covid times and how the process goes
7:28 Andrea also talks about when is the best time to update your powers of attorney or will and if it’s when married or after a divorce
8:18 Andrea explains what the living trusts and wills documents are, what are their differences and what purposes do they fulfill
11:48 Andrea also explains how through a trust, you can create generational wealth and why someone would have a trust and a will at the same time
15:11 Andrea talks about why you should at least look at your documents annually and conceivably update and how they help their clients do that
20:28 Andrea talks about elder care, what it is and how that is also can be part of the planning and why it is important
24:08 Andrea also talks about things that causes people to be hesitant to go in and plan for their estate and what she’d advice her clients
26:20 Andrea shares some tips on how to identify someone to be your backup for household and financial matters
Shows Mentioned:
www.reeselawoffice.com The Health Insurance Portability and Accountability Act of 1996 is a United States federal statute enacted by the 104th United States Congress and signed into law by President Bill Clinton on August 21, 1996.
A living will, also called a directive to physicians or advance directive, is a document that lets people state their wishes for end-of-life medical care, in case they become unable to communicate their decisions. It has no power after death.
Medicaid in the United States is a federal and state program that helps with healthcare costs for some people with limited income and resources. Medicaid also offers benefits not normally covered by Medicare, including nursing home care and personal care services.
Quotes Mentioned:
“Having an estate plan gives people control over who they give their wealth to when they want and the way they want.”
“If you have belongings, that is your wealth and you need to plan for what happens to it when you die.”
“The medical power of attorney lets someone else make medical decisions for you if you're incapable of doing so.”
“If you haven't signed these documents, they are not in effect and they won't work for you.”
“At the end of 2025, the current estate tax exemption sunsets.”
“You can’t create a supplemental needs trust or a special needs trust for someone in a will, but you can do that in a trust.”
“Anyone over the age of 18 with belongings needs to plan for their estate.”
“Did you know that all states have a department of unclaimed assets?”
Guests Social Media Links:
Andrea W. Bryk, Esq.
LinkedIn:
https://www.linkedin.com/in/andrea-weiss-bryk-44737735/
Phone: 703-917-0804
Email:
awbryk@wrightlawstrategies.net Episode Sponsor – Reese Law:
A Fairfax, VA family law firm serving Northern Virginia and...
