You should also consider the possibility that a prolonged illness or an accident could prevent you from continuing to work and handle your finances independently.

An estate plan that includes a revocable living trust or a standby trust can prevent a temporary or permanent disability from disrupting your financial affairs. Once you set up this type of trust, your trustee will be available to take over management of your financial affairs if you ever become disabled or another triggering event specified in your trust occurs. Your trustee can pay your bills, loans, and taxes. And your trustee can manage your investment portfolio and collect your investment income using your assets for your financial needs with or without your involvement. Later, if you recover from your disability, you can resume the management of your assets. The trustee's care can continue after your death with full-time management of all the assets you place in the trust. A revocable living trust established and funded before your death can also eliminate or reduce the need for probate of your estate. LivingWills and Durable Powers of Attorney

Much attention has been given lately to living wills and durable powers of attorney as estate planning tools. Here is a brief overview of these documents and some recent rules affecting them.

Essentially, a living will speaks for you when you are unable to do so, while a durable power of attorney designates someone else to speak for you. If you become mentally or physically incapacitated - through illness or an accident, for example - your living will or durable power of attorney outlines what type of medical treatment you desire. Typically, people use these documents to say they do not want extraordinary medical treatment, especially if they are in a terminal condition. Without such a document, your care may be continued beyond the point you would have wanted.

Under current law, all health-care providers must:

Maintaining control of your investment portfolio usually is not difficult as long as you travel for short periods of time. That can change considerably when your business or pleasure travel is prolonged or very frequent. Tracking the US markets from abroad and making long-distance investment changes can be difficult and perhaps impossible to manage along with other demands on your time.

Estate planning that includes a revocable living trust can be the solution to caring for assets while you are long away from home. This type of trust allows your trustees to take responsibility for the full management of your financial assets during your absence.

Also, the trustee will immediately become responsible for your assets upon your death and manage them for your family's or other beneficiaries' benefit. Or you can choose to give your trustee the investment responsibility as soon as you set up your trust. Since this trust is revocable, you always have the power to end the trust, for any reason you want. Insuring Family Finances

If you include adequate life insurance coverage within your estate plan, you can assure future income for your family. Much more is involved than simply providing large insurance proceeds. Expert investment-management skills are needed to generate a secure long-term income from the insurance money. Future problems can arise if your spouse or children don't have experience managing large investment funds.

A life insurance trust within your estate plan can avoid these problems. The trustee will have continuing responsibility for investing your insurance proceeds. By choosing a professional corporate trustee, you can guard against the possibility of your family running through the assets or becoming the victims of bad investment advice. The trustee will also follow your wishes for distributing money to your heirs. Successor Asset Manager

Often, your heirs are not prepared for managing the substantial assets you will leave them. But your estate plan can make sure that your assets will be under the long-term care of an experienced, professional investor. You can use your will to transfer assets to a testamentary trust. This arrangement allows your named trustee to manage the trust's assets exclusively for the benefit of your beneficiaries (spouse, children, a charity, a friend, etc.). Your beneficiaries will receive the money from the trust at the times you specify. This type of trust can fund the care or education of minor children.

An estate plan should be customized to fit your specific financial situation and family needs. Use an estate-planning attorney when having your wills and trusts drawn up, and work closely with your attorney to implement the estate plan. As your situation and the estate-tax laws change over time, your estate plan will require review and possible revisions.

The accuracy and completeness of this article are not guaranteed. Team Oana does not render tax or legal advice. The material is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy.

Team Oana Investment Advisors,Inc.,is an independent company with securities offered through Summit BrokerageServices,Inc. Member NASD, FINRA & SIPC.

Looking for a great guest speaker for your next event? Please call Staci Goins at 803-343-3343 to schedule Mr. Oana to speak for your group.