ESTATE PLANNING
Crafting Tomorrow, Today: Elevate your legacy with by Integrity Financial Group
At Integrity Financial Group, we believe that estate planning is a vital step in securing your future and protecting those you care about most. Our experienced team is dedicated to guiding you through the process with compassion, clarity, and a commitment to your best interests.
We understand that estate planning can feel complex, but with the right support, it becomes a straightforward and empowering experience. Our experts are here to help you navigate every detail, ensuring your plan is thoughtfully designed, properly funded, and accurately recorded.
We offer guidance on a range of important topics, including:
​
-
ï‚· Understanding the differences between Wills and Trusts, how they can work together, and determining which options best suit your needs.
-
ï‚· Clarifying the roles of Financial and Healthcare Powers of Attorney.
-
ï‚· Establishing guardianships for minors, individuals with disabilities, and elderly spouses.
-
ï‚· Planning for spousal survivor income and gifts for minor children.
-
ï‚· Exploring strategies to qualify for government benefits for long-term care.
-
ï‚· Structuring in-home and small business interests to align with your overall goals.
​
Our mission is to provide you with peace of mind, knowing your legacy is secure and your wishes will be honored. Let Integrity Financial Group be your trusted partner in building a future that reflects your values and priorities.
EMERGENCY LONG-TERM CARE PLANNING
Long-term care planning is an important consideration for many people. Long-term care insurance (maybe add link to our page that talks about long term care insurance) is one way to prepare for the possibility of needing care later in life. Long-term care insurance policies help cover the costs of care when you have a chronic medical condition, disability, or disorder such as Alzheimer’s disease. Most policies will reimburse you for care given in a variety of places, such as your home, a nursing home, an assisted living facility, or an adult day care center.
However, if you or someone you love did not plan in advance and are in need of immediate long-term care planning, we can assist you. Many people believe that in order to qualify for government assistance for long-term care, one must “spend down” to their very last penny. However, there are other options available. If you or a loved one would like to know more about how to protect assets while also qualifying for assistance with long-term care costs, contact the office for an appointment.
POWERS OF ATTORNEY
The term power of attorney (POA) refers to a legal authorization that gives a designated person the power to act for someone else. As such, a POA gives the agent or attorney-in-fact the authority to act on behalf of the principal. The agent may be given broad or limited authority to make decisions about the principal's property, finances, investments, or medical care. Sometimes people wish to create a power of attorney for a limited action or limited time period.
There are two main types of POAs, financial and health care—both of which are incredibly important for every adult person.
Health Care Power of Attorney (HCPOA)
The principal can sign a durable power of attorney for health care, or health care POA (HCPOA), if they want an agent to have the power to make health-related decisions. This document also called a health care proxy, outlines the principal’s consent to give the agent POA privileges in the event of an unfortunate medical condition. The POA for health care is legally bound to oversee medical care decisions on behalf of the principal. As such, it kicks in when the principal can no longer make health-related decisions on their own.
Business and Financial Power of Attorney
The financial POA is a document that allows an agent to manage the business and financial affairs of the principal, such as signing checks, filing tax returns, mailing and depositing Social Security checks, and managing investment accounts when and if the latter becomes unable to understand or make decisions. The agent must carry out the principal’s wishes to the best of their ability, at least to the extent of what the agreement spells out as the agent’s responsibility. A financial POA gives that individual a wide range of power over one's bank account, including the ability to make deposits and withdrawals, sign checks, and make or change beneficiary designations.
For additional advice on the various powers of attorney and/or assistance with obtaining powers of attorney to protect you and your loved ones, contact our office today.
WILLS & TRUSTS
Every adult needs to have a Will, Trust or sometimes both. Without these very important documents, the state law will determine how your assets pass after your death, who will care for your minor children and who will manage assets left to minor children. So, how does one determine which document(s) is needed?
Trusts are legal arrangements that protect assets and direct their use and disposition in accordance with their owners’ intentions. While wills take effect upon death, trusts may be used both during the life and after the death of their creators. Separately or together, wills and trusts can serve effective estate planning.
WILL
A will is a document that directs the distribution of your assets after your death to your designated heirs and beneficiaries. It also can include your instructions for matters that require decisions after your death, such as the appointment of an executor of the will and guardians for minor children, or directions for your funeral and burial. A will can direct an executor to create a trust and appoint a trustee to hold assets for the benefit of particular persons, for example, for minor children until they reach majority or a specified age.
A will must be signed and witnessed as required by state law. Its implementation requires a legal process. It must be filed with the probate court in your jurisdiction and carried out by your designated executor. The document is publicly available in the records of the probate court which oversees its execution and has jurisdiction over any disputes.
TRUST
Trusts are legal arrangements that provide for the transfer of assets from their owner, called the grantor or trustor, to a trustee. They set the terms for the trustee’s management of the assets, for distributions to one or more designated beneficiaries, and for the ultimate disposition of the assets. The trustee is a fiduciary obligated to handle the trust assets in accordance with the terms of the trust document and solely in the best interests of the beneficiaries.
​
Unlike wills which take effect upon death, trusts become effective upon the transfer of assets to them. A “living trust” can be created during a grantor’s lifetime. Or a trust may be a “testamentary trust” created after death in accordance with directives in the decedent-grantor’s will. Trusts are frequently used in estate planning to benefit, and provide for the distribution of assets to, the heirs of the grantor.
​
Trusts can be revocable or irrevocable. During their lifetimes, grantors can create revocable trusts which they can alter, amend, or terminate at any time. A grantor of a revocable trust can serve as its trustee. The grantor effectively continues as the owner of the trust assets for tax purposes. The trust document can provide for a successor trustee, for example, upon a grantor-trustee’s death or disability, and include instructions for the subsequent management and transfer of the trust assets. On the other hand, grantors give up their ownership rights to assets when they transfer to them an irrevocable trust, i.e., one which they do not control and cannot alter. Irrevocable trusts are managed by a trustee who is not the grantor.
​
Trusts can also be created for very specific and particular purposes such as charitable trusts and special needs trusts. The tax law provides special benefits for certain irrevocable trusts that benefit charities while providing some economic return to their grantor or beneficiaries. Charitable lead trusts and charitable remainder trusts that meet the tax code's technical requirements can serve these dual purposes. These trusts' creation, management, and termination are subject to complex tax law requirements.
​
Persons concerned about the financial needs of individuals with disabilities (i.e., “special needs” that prevent or limit their ability to provide their economic support), can create “special needs trusts.” Special needs trusts are legal arrangements that enable such individuals to receive financial support from the trust for particular purposes without jeopardizing their eligibility for federal and state public assistance programs, such as Supplemental Security Income (SSI) and other benefits. Because these trusts must meet complex requirements set by federal and state laws, legal experts should be consulted to ensure that their formation and operation will not disqualify the beneficiary from public assistance.