Estate Planning Information
Considering the affects of one’s own death is rarely an enjoyable activity, so many people procrastinate or even avoid creating an estate plan. Strategic estate planning can increase lifetime charitable giving, reduce legal expenses, prevent family conflict, and minimize taxes both while living and after your death. These goals are all interrelated and should be addressed in the context of a comprehensive estate plan.
Many people feel they are not ready to complete an estate plan because they are not sure who they would designate for positions of responsibility under that plan, including personal representative(s), power of attorney(ies), or trustee(s). We offer clarity into the responsibilities associated with these positions so that you can select the appropriate party with confidence.
Whether your goal is to leave an estate to heirs (including Charitable Giving) or to spend your resources enjoying your final days to the fullest, we craft a customized, comprehensive estate plan so that your wealth is utilized as you intend.
Our plans can also help you with wealth preservation, tax efficiency, and shielding your assets from potential creditors. We design strategic approaches to cross-generational wealth transfer and other issues related to complex legacy planning, including planned giving programs, tax-exempt organizations, and private foundations.
We monitor your estate plan so that as your financial situation and the important people in your life may change, your estate plan is up to date and your assets continue to be appropriately titled with the proper beneficiary designations. Tax law changes also create an opportunity to ensure your estate plan is still appropriate under the new regulations
An effective estate plan often begins before death, so we assist you to implement it with support for things such as annual gifting limits and other tax efficient gifts. We guide you through the estate planning process to ensure your plan not only provides for having your final wishes honored upon death, but also covers other end-of-life issues, such as incapacity. Many attorneys never look at the estate plan they create for you again after the documents are signed.We perform regular reviews of your estate plan to avoid common pitfalls, such as not updating your documents after the death of a beneficiary or person in a position of responsibility.
Our estate planning process covers more than just the numerical aspects of planning and instead also accounts for the human side of estate planning.Whether you need to name a guardian for your children or have a family member who is a spendthrift, is in an unstable marriage, or has a disability; we establish a relationship with you to proactively address issues before they become problems. We will advise you and work with all involved parties, such as your family members, your financial advisor, and your accountant to ensure your estate plan is easy to administer.We will advise you on who you may want to include in the estate planning discussions and when to include them.
A Last Will & Testament may be only one of the documents you need when it comes to managing your estate.Powers of Attorney, Trusts, and other estate documents can ensure that you leave a positive legacy and not become a burden on those tasked with your care.
Common legal documents that we prepare to meet your estate planning objectives include:
- Last Will & Testament
- Testamentary Trusts
- Living Trusts
- Credit Shelter Trusts
- Qualified Terminable Interest Property Trusts
- Special Needs Trusts
- Personal Residence Trusts
- Irrevocable Life Insurance Trusts
- Charitable Trusts
- Living Wills
- Transfer on Death Deeds
- Durable Powers of Attorney for Health Care
- General Powers of Attorney for Finance
Please Contact Us if you would like to begin developing an estate plan.