Are You Too Young for Estate Planning?
Scott Alan Flanders is a Virginia-based lawyer specializing in estate planning and probate cases. With over two decades in the field, Scott Alan Flanders serves a variety of clients through his law firm, Northern Virginia Trusts and Estates, LLC.
While many young people are aware of the need to protect their assets through estate planning, many also think that it’s not really necessary yet. In fact, estate planning starting while in your 30s or even 20s is a good idea. Some elements of estate planning if you’re that young will be different, but there are a few things that you should try to incorporate.
For one, you should establish a durable power of attorney to ensure your finances are taken care of in an emergency. You should also create advance directives, also known as a living will, that come into play if you are injured or terminally ill and unable to communicate. If you have children, you might consider setting up a trust. Establishing a trust to hold and manage your children’s inheritance until they are of age helps protect their assets in the case of your passing.
A simple estate plan is usually sufficient. Then, you can update and build on your plan as you age, making sure you and your loved ones are protected every step of the way.
Medical Procedures Covered in an Advanced Directive
A founding partner of the estate planning legal firm Flanders & Wade, lawyer Scott Alan Flanders has been admitted to the Virginia Bar for decades. Scott Alan Flanders drafts legal documents on behalf of clients, involving their assets and long-term care decisions. He is experienced in writing living wills and other advanced medical directives.
Advanced directives give individuals the ability to preemptively make decisions about life-saving treatments before they become seriously ill or injured. Advanced directives usually contain guidelines on the types of life-extending procedures the individual will accept in a critical situation. For example, a directive may request that no resuscitation efforts be pursued if the individual goes into severe cardiac arrest or stops breathing.
Directives may also discuss procedures such as tube feeding or the use of breathing machines. These documents can also include information about how the individual would like their body prepared after passing. Some ask to be organ or tissue donors. Others may ask to forgo an autopsy for religious reasons.
What Is an ABLEnow Account?
For nearly three decades, estate and escrow lawyer Scott Alan Flanders has overseen legal processes that include wills, trusts, and powers of attorney. Scott Alan Flanders also provides expert counsel on procedures specifically for Virginia residents with special needs or disabilities, such as ABLEnow savings accounts.
Virginia lawmakers signed the Achieving a Better Life Experience or ABLE Act in 2014. The state was the first to administrate the federally-mandated act that allows people with disabilities to open a tax-exempt savings account. Ordinarily, people with physical or cognitive disabilities cannot qualify for any government benefits if they have any savings. This leaves people with disabilities in a financially precarious situation as they wait for applications for federal benefits such as Medicaid or Supplemental Security Income to be approved.
Likewise, these rules can make it difficult for family members to provide financial support without jeopardizing their loved ones’ eligibility. Under the ABLE Act, however, individuals whose disability appeared before they reached age 26 can open a special savings account where deposits can grow tax-deferred or be used for several purposes, including medical expenses, housing costs, and education. While the annual contribution cap is set at the federal level, states can set account fees and account limits.
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