There could be many individuals in Louisiana and elsewhere who may be under the impression that the process of planning for the future might be more relevant to those who are married or have children. However, this might not always be the case as there are a variety of estate planning tools that may help single people achieve their goals. There may be certain factors to address that may be unique to singles and understanding the available options could prove vital to preparing to protect one’s interests.
Individuals who are single and wish to know more about the available options to help safeguard their futures could find it beneficial to address a variety of topics, such as:
- Taxes and deductions: Addressing tax rates and eligibility for deductions for singles could help a person identify areas of concern and make informed decisions about the available options.
- Gifting and exemptions: Other topics of interests could include seeking insight on rates of exemption for annual gifts and possible options for lifetime gifting.
- Insurance policies: Those who do not have the option of taking advantage of marital deductions or joint gifting could find that exploring the possible benefits of life insurance might be a viable solution.
- Wills and trusts: Those who do not have a spouse or children may still have preferences about what will take place after they pass on and as such, exploring options such as wills or trusts could prove integral.
Singles who have preferences concerning medical care and property management should the need arise may also find it vital to seek insight on the benefits of options such as powers of attorney and health care directives.
There are various estate planning options available, each of which could carry potential benefits for those of virtually any walk of life. Single individuals who wish to explore their available options but remain uncertain of how best to approach the process could find it helpful to speak with an attorney early on for advice. An attorney in Louisiana can examine a client’s questions and concerns and assist in developing a plan that best aligns with his or her preferences and needs for the future.