Estate Planning, Wills, & Trusts
Which include the following case types:
- Simple and Complex Wills
- Simple and Complex Trusts
- Simple and Complex Estate & Financial Planning
- Special Needs Trusts and Guardianship
- Family Business Planning- funded and unfunded Buy/ Sell Arrangements
- Charitable Planning and Non-Profit Formations
- Estate Protection through Insurance and Investments
Because most of us expect to live full lives, we often put off estate planning until we reach our senior years. However, our estate planning lawyers will ensure that upon your passing your earthly possessions will be distributed peacefully, smoothly, and legally to your loved ones. Through the creation of living wills and power of attorney, we can always secure medical and religious care according with your wishes should severe medical emergencies arise. Planning your estate right now will help ensure that your family remains financially stable in the event of your untimely passing. Once your estate plan is in place, you can rest easy knowing that your assets will be distributed according to your wishes.
If you are thinking about the best time to start planning your estate, you should remember one thing. Estate plans, wills and trusts require consultation and planning, not just the signing of a few legal documents. By setting your estate in order right now, you can protect your family’s financial future and prevent inheritance disputes.
Important Things to Remember about Estate Planning, Wills and Trusts
1. Always have a basic estate plan in place.
Even if you have a net worth that can meet your family’s foreseeable needs, enacting an estate plan will ensure that your financial goals for your family continue to be met after you die.
2. An estate plan is more than just a trust or a will.
An estate plan includes a will and may even include a trust, but it also requires the assignment of power of attorney and a living will. When putting together your plan, always be clear on federal and state laws that govern estates.
3. Begin your estate plan by taking inventory of your assets.
Your assets consist of your investments, savings, real estate holdings, insurance policies and vested business interests. After determining your assets and deciding whom you want to inherit them, it’s time to decide whom you want handling your financial and medical affairs if you become incapable of handling them on your own.
4. Where there’s a will, there’s a way
A will states exactly how your assets will be distributed when you die, and it is also the optimal place to name guardians for your children. Dying without a will can be costly to your heirs and complicates the equal division of your assets. Even if you have a trust, a will is still required to account for holdings outside of the trust.
5. You don’t need to have lots of money to have a trust.
Trusts allow you to legally control how your assets are distributed after your death. Trusts also allow you to reduce your estate taxes and distribute assets to your heirs without the cost and delay of probate court. Some trusts also protect your assets from creditors and lawsuits.
6. Discussing your estate with your heirs can prevent disputes.
There is no shortage of wrecked family relationships that result from inheritance disputes. By discussing your intentions with your relatives, you will help prevent conflicts that can sever family ties.
7. The federal estate tax exemption has gradually risen.
The federal estate tax exemption, which currently stands at around $3.5 million, is the amount that you can leave your heirs free of federal tax. But while the federal exemption has gradually risen, the top estate tax rate is lowering. The estate tax is set phase out by 2010. However, unless Congress passes new laws, the tax will return in 2011, at which time you will only be allowed to will your heirs $1 million tax-free.
8. Leaving money to your spouse tax-free may not be the best tactic.
Leaving all your assets to your spouse has two drawbacks: you don’t use your estate tax exemption and you increase your spouse’s taxable estate, which means that your children will probably pay higher estate taxes when your spouse leaves the assets to them.
9. There are easy ways to give tax-free gifts while reducing your estate.
You can gift up to $13,000 a year to an individual tax-free. If you are married and give the gift with your spouse, the tax-free amount rises to $26,000. Another easy way to give tax-free gifts while reducing your estate is by paying someone’s medical or education bills directly to the institution where they were incurred.
10. You can give charitable gifts that keep on giving.
When you donate to a charity, your donation will grow tax-free due to the charity being tax exempt. You can also select charities to receive contributions from your estate after you die.
