Planning for your future is crucial to protecting your loved ones. By establishing a thoughtfully crafted estate plan, you can protect your assets and legacy for future generations. We’re dedicated to helping clients build this important foundation.
Some people wonder if estate planning is really for them. We say that it is for every husband, wife, mother, father, grandparent, business owner, professional, or anyone else who has someone in their lives that they care about, and are concerned about providing for their well being.
Estate planning is for anyone who seeks to make a difference in the lives of others after they’re gone. It’s “life planning,” and it’s a rewarding process for those who engage in it.
We’ll work with you to establish an estate plan that not only allows you to pass on property according to your wishes, but also minimizes the tax liability placed on your beneficiaries. Proper estate planning puts in place decisions regarding elder care and management of affairs should a senior become mentally or physically incapacitated.
A variety of legal documents can be used to carry out estate planning. Depending on your goals and wishes, your estate plan may include the following:
- Will or Trust based estate plans with marital and bypass planning;
- A suite of supporting documents which may include a Durable Power of Attorney, Health Care Proxy, Living Will, HIPAA Release, and Homestead;
- Irrevocable Trusts for Asset Protection;
- Life Insurance Trusts (ILIT); and/or
- Special Needs Trusts (to preserve and state or federal benefits a child or beneficiary may be receiving)
- Qualified Personal Residence Trusts (QPRT);
- Grantor Retained Annuity Trusts (GRAT);
- Lifetime Bypass Trusts;
- Spousal Lifetime Access Trusts (SLAT);
- Sale or Loan to a Defective Grantor Trust; and/or
- Multigenerational Trusts (Generation Skipping)
Wills & Trusts
By having a will or a trust, you can ensure your assets will be distributed as you see fit when you pass. To put it plainly, a will is a document that determines distribution of assets upon your passing, while a trust is a more complex document that can control the timing and allocation of asset distribution.
If someone passes away and does not have a will or a trust, the probate process becomes exponentially more difficult. The process can be time-consuming and costly. If you have specific ideas on how you want your assets to be distributed, they should be expressed through a will or a trust.