Estate planning on your own can be complicated and costly and requires knowledge of such issues as state taxes, bureaucracy, probate courts, unfair appraisals, health care concerns, eligibility of heirs, life insurance, IRA's, 401K's, annuities, burial or cremation costs, to name a few. Not knowing and understanding your legal and financial rights could end up costing you dearly in the end.
Thoughts of estate planning often bring more questions than answers: Could an heir be too young to inherit? Should the inheritance be given at a certain age? Is the intended beneficiary in a shaky marriage with divorce as a possibility? Are there children from a previous marriage? Should inheritance be protected from potential creditors of the heir? Are there taxes that can be avoided? Are you able to avoid the probate court rules, delays and costs?
Planning what happens to your estate when you're gone can seem frustrating and intimidating without qualified help.
You may feel that you're too young to care about estate planning. Or, perhaps the reminder of death makes you uncomfortable. You might be tempted to put the whole thing off, assuming that it will take care of itself. In all cases, estate planning ends up saving your family lots of time, heartache and money.
And we can help.
Every estate planning situation is different. In order to help you, we want to know you, your unique situation and the nature of your relationships. We offer discussion, recommendations and useful research tools to make your planning simple, efficient and worry-free. We are available throughout the process for further discussion regarding your questions, change of circumstances and alternatives. At every step, we will be there to assist you.
We help you...
- Clearly define your estate planning goals.
- Organize and create your estate planning team (experts on law, finance and taxes) if you need one.
- Evaluate and recommend estate planning options.
- Prepare, organize and review your estate planning documents including current wills, trusts, health care and powers of attorney.
- Decrease the problems and expenses associated with probate.
- Lessen taxes at time of death.
- Arrange for management of your estate in the event you are incapacitated.
- Draft a working plan for conserving and effectively managing your estate after death.
- Transfer the assets of your estate to heirs the way you desire.
- Organize fair and adequate liquidation of your estate to cover taxes and other expenses.
- Amend your plan as needed.
You also get help with...
- Living Wills and Trusts.
- Lifetime Family Wealth Transfers.
- Family partnerships and other business relationships.
- Leaving money to charities.
- Preparation for estate and trust tax problems.
Trusts: We work with several attorneys regarding the transferring of wealth through the time-tested technique of trusts. Trusts consist of: Grantor Revocable, Irrevocable, Intentionally Defective Grantor Trust, Residence Trust, Charitable Unitrust, Annuity Trust and many others.
Family Limited Partnerships: When dealing with Family-owned and operated business and other business activities, Family Limitied Partnerships have a unique purpose in a wealth transfer plan. While there is no "cookie cutter" for wealth transfer, if employed incorrectly the results can be disasterous.
Generally speaking, a combination of several entities and techniques are required to successfully transfer assets, and many of these involve a Trust or Partnership and regular gifting by family members. Wealth Replacement in the form of Life Insurance is also a consideration that can be employed.
The hassles and red tape associated with estate planning can be daunting, but you don't need to do it alone. Our team is waiting to assist you through every step of the process.
