Estate Planning For Individuals, Wills & Trusts
What is Estate Planning?
We all have an estate plan already whether we are business owners, employees, homemakers or retirees. But, many do not recognize what it is. The blunt legal fact is that if you don’t make the effort to plan your own estate, the GOVERNMENT does it for you!
It will decide who our heirs are, what each of them will receive (if anything) when we pass and how much it will cost them to obtain what you want them to have! All this without consulting you and with NO consideration for reducing inheritance taxes and expenses on the estate. This is what is called, “The Law of Intestate Succession.” It is imposed through the Probate Court system on persons who have not provided otherwise.
Over many years of representing companies and successful business people, we often were asked to assist executives and key employees in preparing their estate plans. The topic is an important part of executive compensation planning. As a result of the training and experience gained over those years, we can offer individuals the benefit.
You can exercise control of the situation. The reasons you should plan your estate are quite simply to: 1) Save money; 2) Minimize or eliminate inheritance taxes; 3) Keep your personal affairs relatively private; 4) Provide for your health care during illness; 5) Preserve your assets during a disability with all this aimed at your being certain that those people whom you want to have them receive the rewards of your efforts; and 6) For you to have the peace of mind through the confidence that you will have that your wishes will be carried out.
WE OFFER COST EFFECTIVE HELP WITH YOUR:
- Will, or depending upon your estate and desires; a
- Living Revocable Trust; or
- Irrevocable Trust ( used with insurance policy designations);
- The Durable Power of Attorney For Financial Decisions;
- The Durable Power of Attorney For Health Care Decisions; or
- A “Living Will” that includes Health Care Directives when a trust is unnecessary; and
- A Charitable Remainder Trust, if warranted by financial circumstances
A Will is the simplest estate planning device. It is a document stating the desired disposition of your personal and real property at the time of your death. It bequeaths your assets—money, real property, heirlooms—directly to a person or institution---BUT a will requires Court Probate proceeding(s).
A better option –The Living Revocable Trust. Is it right for you?
This is an estate and tax planning document. Goals in its use are the elimination of the high cost and publicity of Probate. It is the preferred alternative to use of just a will. It holds your property and assets during your lifetime and the trust estate continues to exist after your death. During your lifetime, you and your spouse function as “settlors” and the “trustees” of the Trust, continuing to operate your household and business affairs as usual. But the Trust is there protecting against the contingencies and confusion that arises when a serious illness occurs and enabling the alternate trustee to continue with the decision making. The Trust is actually composed of several trusts. There is the spousal trust that greatly clarifies the rights of the surviving spouse. The Trust may include a bypass trust, which is a provision to address the needs of your grandchildren. The Trust should be used with a Durable Power of Attorney for Financial Decisions in the event of your incapacity and before death. You can designate a trusted person to act on your behalf and when further coupled with a Durable Power for Health Care Decisions, the Living Trust gives you the best legal assurances of proper management of your personal and medical well being and the control over your end of life preferences.
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