Earning your wealth is a lifelong process- we all know that. But it’s also important to think of protecting that wealth as a lifelong process as well. Laws change and new opportunities to protect your wealth may arise. A good estate planner can help you figure out if you may benefit from those changes.
What is an executor? That is the person who pays your debts and taxes on your estate and collects your property and divides it among your beneficiaries – if there is a will. If you did not select an executor, the court will make that decision for you and it may not be someone you would have chosen.
If you ever experience permanent incapacity, such as a coma, then the doctor and hospital will rely on the instructions you have provided in your living will regarding the nature and extent of your care. A durable power of attorney will be used when you cannot provide informed consent.
There are many different federal and state laws that govern wills, trusts, and other estate planning documents. It's important to have experienced help when planning your estate so you can be sure your documents are legally valid and cover every eventuality.
We can explain what a trust is, and why it is often a good idea to leave property or money to children in the form of a trust. If your child inherits a bank account or other property, that windfall can be quickly lost in a divorce or lawsuit. A trust offers additional protection.
It’s important to remember that significant quantities of money can change people in unpleasant ways that you might not believe until you see it. If you need to ensure that your death doesn’t turn into a battle over your estate, it’s smart to put an estate plan together.
Estate planning isn’t only to leave directions for your heirs. Attorneys with expertise in estate planning can help you to determine the options for long-term care if that becomes a necessity as you get older, and how to pay for those options.
With all the "do-it-yourself" software and websites out there, you may wonder why it's important to work with an attorney on your estate planning. These DIY routes usually just provide you the documents. There's no one to ask for advice or to answer your questions. A lawyer will also make sure the documents are completed correctly and legally.
Did you know that you can establish a trust to create an ongoing legacy for future generations? Another option is to create a legacy in your community by setting up a charitable trust or private foundation.
Have you always believed that a piece of property you own would be the perfect location for a nature preserve or children’s home? Regardless of the purpose you have in mind, we may be able to help you ensure a particular charity is able to make use of it by placing it in your will.
Your estate includes all of your assets minus any debts or financial obligations. Examples of your assets include: anything you own in your name like bank accounts and real estate, and half of anything you own with your spouse.
A 2009 study indicates that more than 60% of Americans have no formal will and 50% lack any type of estate planning documentation. When a person dies without a will, decisions about assets, property, and belongings will be made by the state.
Did you know that estate planning isn’t necessarily something that will only be relevant after your death? In some cases, you could take advantage of tax deductions for taking certain steps now. Be sure to check with your tax professional to be sure of what your situation qualifies you for.
When it comes to estate planning, the drawing up of clear, detailed documents is critical. These should outline precise terms, conditions, and provisions so that the trustee/executor is able to execute your wishes down the road.
If you become incapacitated or disabled in the future, an estate plan can make all the difference. This allows you to write specific instructions concerning the management of your estate and designate someone you trust to handle your affairs.
There are exceptions to the federal gift tax rules. While there is a limit on gifts with no tax obligation, you can make unlimited gifts to your spouse, to pay for college tuition, to any charity or to a political organization without having to pay taxes on that gift.
Estate planning is part of being a good steward of what you’ve earned. After all, there are legal means to protect that wealth from the tax man after you’ve passed- why would you hand your hard earned money over to them when you don’t need to?
Do I have to choose a family member as the executor of my estate? You don’t, and in fact, many experts recommend against doing that. Decisions on dividing up property can sometimes create some ill will, particularly if the executor is also one of the beneficiaries.
Many people do not understand the degree of discretion involved in leaving assets to family and friends. You aren’t forced to leave all of your property to one relative or another. Special items you owned may have had special meaning to certain children, for example. Without a will, there’s no guarantee your property will go to the person you would choose.
An Irrevocable Trust cannot be changed or terminated by the grantor and puts all the decisions in the hands of the beneficiaries, or trustees. This is often used to keep the assets in the trust separate from the grantor’s taxable estate.
Have you updated all of your important documents? That’s just one of the important duties of an estate planning attorney. An attorney will make sure your insurance policies, IRA’s, annuities, and other important documents have all been updated to reflect the proper beneficiary.
Giving away property and assets isn’t the only reason to have a will. If you have kids, you can choose a guardian in the will. If you don’t make that choice, a judge must make it for you and the decision may not be one you would agree with.
