Estate Planning

Planning your estate properly can help bring peace of mind, knowing that at the time of your passing your family members and loved ones do not have to deal with costly estate litigation or be subject to the state’s administration of your estate. Estate planning can prevent family feuds, costly probate court appearances and save your loved ones estate expenses and inheritance taxes after your passing while ensuring that your wishes regarding your future health and death are followed. A common misconception is that you must be wealthy to need estate planning. The fact is that you simply need to have possessions and specific wishes regarding these possessions, your health and burial options. We work closely with the most well respected estate planning attorneys and insurance carriers in the country that have the experience in preparing estate plans for individuals, spouses, families, domestic partnerships and small businesses.

Who Needs Estate Planning?

Most Americans need estate planning, however statistics show that only 60-70% have done any estate planning. People who need estate planning includes married couples with children, married couples with no children, blended families, unmarried couples, people with charitable intent, people with a taxable estate and all business owners. Different people have different goals regarding their possessions after their death. Estate planning allows you to decide how you would like to divide your estate among your beneficiaries and how the inheritance is to be used. Additionally, estate planning give you the power to plan for your health and death so your family does not shoulder the burden after you pass or become disabled. Below are descriptions of the most common estate planning documents.

• Wills are your declaration of how and to whom you want your property to be distributed after death.
• Trusts are created as an alternative to a will in order to avoid probate court and higher taxation. There are many types of trusts including living trust, revocable trust and irrevocable trust.
• Living Trusts are an effective way to provide lifetime and after-death property management and estate planning. It is established during your lifetime in which your assets and property are placed within the trust. A living trust allows you to set up a trust with your own assets and maintain complete control and management of the assets by acting as your own trustee. Upon your death the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as you have set up.
• Revocable Trusts may be altered or terminated at any time during your lifetime. Since the trust may be altered at any time until death, it is considered part of your estate and is subject to taxation. The property is passed on to your beneficiaries only after your death, and the revocable trust then becomes irrevocable.
• Irrevocable Trusts are trusts which cannot be changed or canceled once it is set up without the consent of its beneficiaries. Unlike revocable trusts, irrevocable trusts offer tax advantages by enabling you to give money and assets away even before you die without certain taxes. These trusts are often used by individuals who have charitable intent.