ESTATE PLANNING
A creative balance between a family-oriented plan, a business, legal and financial plan.
We believe that estate planning is a creative balance between a family-oriented plan, as well as a business, legal and financial plan. Each estate plan is individually crafted to your personal situation. Your estate plan is greatly influenced by your career path, family situation, and business endeavors. Your family relationships and desires to provide for them will ultimately affect the tools used in your estate plan. At our Firm, we create an estate plan specifically created to your personal objectives, career path, as well as the after tax financial results.
Our Firm has a team that includes well-recognized advisors who have experience in creating complex estate planning.
Questions to Consider :
How can I protect my assets from third parties (creditors, etc)?
How long does the Probate process take?
What are the roles of a Trustee and Executor?
When is the appropriate time to make my estate Medicaid ready?
What is the best method to remain in my home and pass the home on to family members?
How do I provide for my children’s education and continue my business?
Estate planning is the process designed to help you manage your affairs when you become incapacitated or die. It incorporates the proper handling of your health care needs and finances when you are unable to manage your own affairs. Additionally, it will preserve your assets and minimize the tax ramifications.
Your State Package Includes:
- Living Trusts
- Retirement Planning Trust
- Irrevocable Trusts
- Wills
- Medicaid Planning
- Durable Power(s) of Attorney
- Advanced health Care Directive (“Living Will” – medical instructions)
Living Trusts: A living trust is a document that you establish in the planning process that permits one to provide for a mechanism to handle your assets upon your incapacity or death. It is used to avoid the cost and time of probate. A living trust will take into consideration your desires in the event you become incapacitated or die. While you are alive and have capacity, you remain in control and have the power to change the trust at any time.
Irrevocable Trusts: Sophisticated estate planning often employs irrevocable trusts, which are used for several objectives, including minimizing transfer taxes, protecting assets, and preserving eligibility for public benefits. Irrevocable trusts include the following:
Special needs trusts:
The principal purpose of a special needs trust is to preserve government benefits for a disabled or aged beneficiary.
Permanent trusts: A permanent trust is designed for the prolonged management of transferred assets. The trust objectives include immediate removal of the transferred property from one’s estate for estate tax purposes.
Trusts for children or grandchildren: Trusts for minors are permanent trusts that generally have one or two specific provisions, including education or special health care needs.
Grantor retained interest trusts: These types of trusts allow the creator (settlor) to retain an interest in trust assets for a limited period of time, with the balance interest passing to another party. There are several trusts where the grantor retains an interest. Tax consequences may be limited with these retained interest trusts.
Life insurance trusts: An irrevocable life insurance trust is typically used to remove the proceeds of life insurance from the insured’s estate. When properly drafted, it may permit the proceeds to be used for estate taxes.