Estate Planning & Wealth Transfer Planning

Many people avoid conversations about what to do with their wealth once they pass. Frankly, it can be a difficult conversation to start whether it’s talking to a family member or even to an estate planning lawyer. But once they begin, they are often motivated by seeing how estate planning is truly a gift to those left behind. Most agree that it’s a financially prudent exercise that saves the estate and heirs money in legal fees and taxes. However, what they find most important is how it saves loved ones from the confusion, pain and conflict that can often follow when tending to a decedent’s estate.

Our estate planning lawyers and paralegals have worked with generations of clients to ensure smooth, comprehensive administration of their estates. Because we help clients keep an eye on the benefits estate planning offers, the process helps many feel better about the future knowing their loved ones will be kept in good hands.

What is Estate Planning

Estate planning creates a plan for the distribution or care for your wealth, real estate and other assets. Using a trust, the estate grantor, or person who creates the trust, can safeguard his or her assets by outlining how they will be distributed or maintained upon their passing. In the trust, you can assign the executor of the trust and all the beneficiaries, including any charitable donations. Details for end of life care and/or funeral arrangements will also be defined.

Why Estate Planning?

A properly planned estate can save you and your loved ones a great deal of time, money and frustration. Clients come to us with different primary goals they want to achieve. Some are focused entirely on how to maintain assets within the family while others are most concerned with tending to a particular person.

Whatever your focus is, we understand that estate planning is highly personal. Our estate planning lawyers are trained to listen to clients in order to develop a plan that meets their goals. The following are a few of the main drivers that have brought clients to estate planning with our firm.

Maintain the Value of an Estate

Events for which you are unprepared can consume assets accumulated over a lifetime of work. Our estate planning attorneys will help organize your assets so that they go to your designated beneficiaries. While there will be taxes, the tax burden can be minimized with proper, legal planning.

Many unfortunate potential outcomes can be avoided with proper planning.

Avoid Probate with Trusts

Even if you have a will, your estate may be probated. Or if your will has not been kept current to include newer property or updated directions, it can go into probate for the items not covered. Our estate planning lawyers will help you update your estate plan and create a path for future updates. We can discuss with you and inform you regarding the probate and non-probate options available.

Minimize Emotional Distress

Death brings an emotional and tiring time for all involved. Then, when it comes time to address the estate, those involved are not only having to sort through the process of the estate left behind, they are also still operating under the heavy weight of grief. An estate plan creates a framework for people to work within and alleviates the burden of making final decisions without direction. This can serve to minimize confusion and possible conflict.

Ensure Final Wishes are Honored

Without a formalized estate plan, it’s possible for the wishes of the deceased to be ignored once they are gone. This includes everything from disregarding the list of desired funeral details to ignoring beneficiaries. With careful planning, you can see to it that your wishes will be executed or, at least, give your loved ones legal recourse in the case they are not honored in your passing.

Legal Tools Used in Estate Planning

The following are some of the devices that can be used to plan your estate.

Wills

A will serves as instruction instructing how an individual wants to have his/her property distributed at death. Our attorneys give personal service in preparing wills and advise clients on how to keep them up to date as circumstances and laws change.

Trusts

A trust is a legal arrangement that allows property to be held in for the benefit of you or a third party. By maintaining assets in a trust, you may be able to minimize taxes and leave a larger inheritance. You may also be able to avoid probate. Living Trusts often accompany a will, or a special type of will called a “pour-over” will, which leaves all property to a trust. Living Trusts are generally revocable.

Irrevocable Trusts

These trusts are often used to accomplish a specific objective and may be used to acquire and hold life insurance. There are very specific rules that must be followed in order for such a trust to be irrevocable. Our estate planning lawyers and paralegals will help you understand the parameters of irrevocable trusts to accomplish your goals.

Family Limited Partnerships or Family LLCs

It may be appropriate to organize an entity to transfer assets. A partnership, corporation or LLC can serve to meet the needs of a family. In these cases, our attorneys will help you create the legal structure in your estate planning to make this happen.

Living Wills and Medical Powers of Attorney

It’s important to be organized and prepared in the event you are incapacitated. With living wills and advance healthcare directives, you make the choices regarding medical care for all anticipated situations before you are unable to do so. Our attorneys will help you designate one or more individuals to make decisions should the circumstance or need arise.

Pre-Marital and Post-Marital Agreements

It is often necessary to consider the transfer of assets prior to or during a marriage in the context of estate planning. We can help you with these arrangements.

Business and Succession Planning

Every business owner needs a plan to allow the continuation of the enterprise after their retirement or death. These plans can be simple or complex depending on the needs of the client. They may include Sales and Mergers or other transfers. Our firm is experienced in all these efforts and will give you sound guidance and professional service.

Free Consultation with an Estate Planning Attorney

If you’re unsure where to start, call us to arrange a free consultation. We’ll discuss your situation and offer advice on where to start and things to consider. We know it can be a difficult conversation to start. We’ll help guide you through the process to help you feel increased comfort and motivation for the work you’ll be doing.