Last Will and Testament
If you’ve been meaning to work on your will or if it’s been many years since your current one was created, the time is now to have one created or review it for accuracy. Ensure that your values and legacy will be remembered according to your wishes. We review your assets and discuss your plans for guardians for your children and can assist you if any other documents are needed. Don’t assume that things will take care of themselves. Create a will and be certain.
Durable Powers of Attorney
The person you appoint to act as your attorney-in-fact does not actually need to be an attorney. This important role however, does help make decisions on your behalf in the event of a disability. The powers given to the person acting on your behalf can be defined specifically in the document according to your wishes, making each a unique (and powerful) document.
Living Wills / Health Care Proxies
Do your family and loved ones know your wishes under the many varied scenarios that could occur and prevent you from communicating? A living will or advance healthcare directive can make it clear what measures you do and do not want to take place. These documents are flexible and personalized to accommodate certain and specific emergency surgeries, resuscitation, and life support procedures. They can be as broad or limited as you’d like. We know that these types of decisions can be difficult or uncomfortable, but keep in mind that some planning now can help your spouse or children avoid having to make them for you.
Revocable and Irrevocable Trusts
We can establish the trust or trusts that accommodate your family’s specific circumstances and assets. This personalized planning process takes into consideration your unique objectives and scenarios to help you minimize taxes, avoid probate, maintain Medicaid eligibility, and ensure business succession plans proceed according to your wishes.
Revocable trusts, also known as living trusts, allow you to add or remove assets as the circumstances of life change. We also work with each client on a personal basis to ensure the trust is appropriately funded and that any remaining assets you own in your name will transfer to the trust upon death. When compared with a will, a living trust can expedite the process of distributing your assets to designated beneficiaries by avoiding the delays and expense of probate proceedings. It also provides more privacy.
When larger estates and assets are concerned, clients often choose to transfer a portion into an irrevocable trust. This sets those specific assets aside for specific beneficiaries, but are not accessible to you once they are contributed. An irrevocable trust helps to minimize the size of your taxable estate, provide creditor protection for beneficiaries, and take full advantage of lifetime gifting.
Business Succession Planning
When an operating business is part of an estate, planning for its succession is an important part of planning for your future. Business owners have different instruments available that can be used to compliment the will(s) and trust(s) that may already be in place to minimize the tax implications, probate complexities, and effort required to administer your estate. You’ve worked hard on the success of your business – don’t leave decisions to be made upon your death to chance. We can help you draft an estate plan that takes your unique business’ situation into consideration.