Introduction
A proper plan that accounts for your real estate holdings, savings, and other possessions, will not only ensure your dying wishes are carried out, but it will spare your loved ones the aggravation and hassle of trying to decide what you truly wanted to happen with them. Our office guides you through this process so that your property is distributed as you wish.
Providing For Incapacity
This is a vital step that will grant to someone of your designation the power to make medical decisions on your behalf, should you become incapable of doing so on your own. Failure to name someone to make these decisions will result in costly delays -- both from a time and financial perspective -- in the ability for you to be cared for. The naming of such a person often is achieved through a durable power of attorney for health care, which our office can explain in full detail during a consultation. A living will is also another important instrument through which you can express your health care preferences in the event you become terminally ill or permanently unconscious.
Avoiding Probate
There are a multitude of available procedures that can be used to optimize the transfer of your assets upon your death without the necessity of probate. These include use of payable on death accounts, beneficiary designations, life estates, and revocable trusts. Our office can examine your particular situation and asset based, and help you choose the methods for transfer of your assets upon death.
Planning For The Care of Minor Children
If you are financially responsible for minor children, extra thought and planning should be devoted to your estate plan to ensure they are properly cared for, both emotionally and financially. Our office would be happy to discuss all of the options that parents have in these special circumstances, including the possible naming of a guardian, as well as the creation of a trust that would stagger payments to your children until they become of the age of the majority.
Death Taxes
Depending on the size of your state and to whom you have chosen to leave your assets, your estate may be subject to estate taxes. If your estate is subject to estate tax, there are various methods of restructuring the estate to take advantage of certain exemptions, which could result in your estate avoiding, if not eliminating such taxes.