Estate Planning
I believe that the most successful estate planning
is done in the context of a close professional relationship with
you as my client—one built around excellent mutual communications
and a thorough understanding of your situation. I want to be your
lawyer for life.
Gaining a clear picture of your values and goals is the first and
most important step in the planning process. I will work closely
with you and your other advisors at every stage in order to provide
a customized estate plan that meets your specific planning
challenges. I believe that we should only propose planning
solutions that are fully consistent with your family’s culture and
incorporate the wisdom of your other advisors. My goal is to enable
you to protect yourself and your loved ones, and, if you desire,
establish a legacy that will last for generations.
In a continuing effort to assist my clients in protecting their
hard-earned property, I offer comprehensive estate planning. It is
quite dismaying to find out just how much the government will grab
if you do not take appropriate precautions. Like anything else, of
course, every situation is unique. The first question I'll tackle
is whether you might need a simple will or a living trust.
Wills vs. Trusts
A
will is a document that contains instructions about what to do with
your assets when you die. A will can be one of the easier estate
planning documents to write. A will allows you to appoint someone
to collect your assets, pay your bills and distribute the
remainder. A will can direct who gets custody of your children. And
a will can also limit the use or spending that your legal heirs may
engage in. A will must be probated (an expensive, intrusive and
public legal process) when you die. Also, since a will goes into
effect upon death, it cannot give you protection if you become
incapacitated. Should that happen, the court could step in and take
control of your assets. If you have titled assets, it is wise to
consider a living trust.
A living trust avoids probate and allows you to maintain control of
your assets during your lifetime (even if incapacitated) and after
your death. When you transfer your assets from your name into that
of the trust, you no longer legally own anything so there is
nothing for the court to control. Living trusts typically include
other assets as well, such as jewelry and art or other untitled
assets. But the good news is you keep absolute control of the
assets in your trust and you have the freedom to do anything with
the property that you could have done before the trust, such as buy
or sell property, change the trust, or cancel the trust, because it
is a revocable trust. And, if you are married, a provision might be
applicable that could significantly reduce your estate taxes
Other estate planning
considerations
Living trusts have their advantages, no doubt. But there are other
kinds of trusts that might be more beneficial for you depending on
your goals and how elaborate your estate is. Rather than engage in
formal treatment of the subject of irrevocable trusts (and possibly
put my diligent readers who have gotten this far to sleep), I would
ask that you contact me me if you would like to discuss these other
options. Also, please see my links page for further
information.
Following are other commonly used estate planning documents that
you might have heard of but are unsure of their purpose:
A durable power of attorney for asset management is a legal
document that gives another person full or limited legal authority
to sign your name on your behalf in your absence. It is valid
through incapacity and it ends at death.
A durable power of attorney for health care is a legal document
that allows you to give someone else the authority to make health
care decisions for you in the event that you are unable to make
them for yourself. It is also called a health care proxy or a
medical power of attorney.
How to proceed
The first step is to call or e-mail my office to set up an initial
consultation. Once we've done that, I will either e-mail or snail
mail an easy financial organizer for you to complete prior to our
first meeting. It is very thorough and a lot of it might not even
apply to you, but that's okay. It will get us started on the right
track and help us in deciding whether you need a will or a living
trust.