Estate planning is very important for everyone, but it is especially important for veterans and their families. Military families need to consider special estate-planning issues that others do not. This is particularly true when one or more family members are deployed overseas. Since members of the military often experience frequent moves and have access to government benefits after service, they can be subject to unusual tax rules. For these reasons, estate planning for military and veteran families is more complicated than most. Whether you are just starting in the military, you are a veteran, or you are a surviving spouse, there are some common factors to consider for your estate planning needs. Your family’s unique circumstances should be considered including whether you own real property and if the real estate is located in different states; if you are moving multiple times across states or to different countries, also if you are married, have minor children, or children with special needs. Our firm offers many benefits to military and veteran families.
Here are some questions you should ask yourself:
- Are you prepared for medical emergencies? Will the responders have access to your healthcare agents and medical directives so that your wishes are followed?
- Does your estate plan name Guardians for you minor children?
- Does your current estate plan protect you and your assets from expensive long-term care costs?
- Are you certain that your current estate plan will minimize possible federal and state estate taxes at your death, including taxes on your house, life insurance and IRAs?
- Does your current plan protect your children’s inheritance from a divorcing spouse?
Our estate planning professionals at First Class Counsel are ready to assist you and your family. They will take the time to answer your questions and guide you through the process of establishing your Estate Plan. They can assist you with:
- Living Trusts;
- Pour-over Wills;
- Powers of attorney for limited and general financial matters, as well as health care decisions (very helpful when a spouse is deployed);
- Funeral, burial arrangements and organ donation;
- Estate taxes;
- Estate administration and
- Probate.
We are a veteran owned business providing 20% discounts for veterans, first responders and teachers. Taking care of you and your family is what we do best.
