Estate planning is the act of preparing for the transfer of a person’s wealth and assets after his or her death. Assets, life insurance, pensions, real estate, cars, personal belongings, and debts are all part of one’s estate

Trusts

Did you know that there are trusts for almost every purpose? That there are probate avoidance trusts, generation skipping trusts, dynasty trusts, life insurance trusts, special needs trusts, asset protection trusts, to name a few?

Did you also know that almost every client can benefit from the creation of a trust? A probate avoidance trust that is properly funded will avoid probate and the attendant probate fees (e.g. current statutory fees for a $500,000.00 probate estate are $13,000.00 for the attorney and $13,000.00 for the executor; the cost of a trust is a fraction of these fees; for a $1,000,000.00 probate estate, current fees are $23,000.00 for each … just do the math).

I am experienced in the creation and funding of all of the mentioned trusts. I am available to advise you concerning these matters. Please call me or contact us online if you have any questions or desire further information.

Wills

Did you know that every person with a trust requires a will; and those without trusts must have wills if they want to have control over who receives their assets after death?
Did you know that there are certain formalities that must be observed in order for a will to be effective (such as the proper use of witnesses)? Or that it is in the will that you set forth guardianship provisions for minor children?

I prepare pour-over wills (for use with trusts) as part of the estate plan. I also prepare ordinary wills and wills with testamentary trusts.

Powers of Attorney

When do you need a Power of Attorney? Are you going to have surgery? Are you planning on taking an extended vacation when you will be out of touch? Do you know someone elderly who is having difficulty managing their financial affairs?

Powers of attorney are used to allow others to handle financial affairs of those who are unable or unavailable to handle their own affairs. The powers can be effective immediately or upon the occurrence of an event; the powers can continue after the onset of a disability or be terminated at that point. Powers can be general or limited to a specific concern or transaction. A common situation that I encounter is when an elderly parent no longer wishes to handle their checking account; giving a trusted child a power of attorney solves this problem.

If you have concerns for yourself or a loved one that might be addressed by having a power of attorney, please CONTACT US today.

Advance Health Care Directives

What do you want to happen if you are in a coma, on life support? Do you want to have someone pull the plug? Do you want to participate in organ donation or otherwise dictate how your remains are to be dealt with?

The Advance Health Care Directive, formerly known as a durable power of attorney for healthcare, is used to give instructions concerning end-of-life medical care for terminal illness, organ donation, and other personal matters, should the person making the directive no longer be able to communicate on their own (e.g. they are in a coma) . Similar to a power of attorney, an agent is appointed to make decisions when you cannot, concerning the issues dealt with in the Advance Health Care Directive. Most clients instruct me to include “pull the plug” provisions in these documents, however, you could instruct otherwise.

I have drafted scores of these documents. My clients have peace of mind knowing that their desires for end of life care will be honored, even if they cannot express those desires for themselves at the time.

estate planning