Estate Planning
Estate Planning is a process of organizing the family assets and wealth to ensure they are passed down according to personal wishes. It involves making decisions about who will inherit your wealth and how it will be managed, preserving not just finances but also family values and legacy. Through careful planning, estate planning helps families uphold their traditions and secure their legacy for future generations
Schedule a complimentary Estate Plan Review for education and guidance for your Estate Plan.
Basic Estate Plan
Creating basic estate planning documents is essential regardless of the size of your estate.
- Ensure Your Wishes Are Honored: An estate plan allows you to specify how your assets will be distributed, making sure your wishes are respected after your passing.
- Protect Your Loved Ones: It can designate guardians for minor children and provide for family members, helping to avoid disputes and ensure they’re cared for.
- Minimize Taxes and Expenses: Proper planning has the potential to reduce estate taxes, legal fees, and probate costs, preserving more of your wealth for your heirs.
- Avoid Probate Delays: An estate plan can help bypass lengthy probate processes, allowing a quicker transfer of assets to beneficiaries.
- Plan for Incapacity: Estate plans often include documents like a power of attorney or healthcare directive, ensuring your health and financial decisions are managed if you’re unable to make them yourself.
“In 2024, only 32% of Americans have a will- a 6% decline from last year. Yet, 64% of Americans say having a will is very or somewhat important”
-Care.com 2024 Estate Planning Survey
Trust-Centered Estate Plan
A Trust Centered Estate Plan is worth considering based on the size of your estate, the type of assets you own, family dynamics, your legacy goals, and other factors
Potential reasons to consider a Revocable Trust
- Control Over Assets: You want to maintain control over your assets and be able to change or cancel the trust if needed.
- Avoid Probate: A revocable trust helps avoid probate, allowing your assets to pass to beneficiaries without court involvement.
- Privacy: You want a private way to pass on assets, as trusts are not public records, unlike wills.
- Incapacity Planning: It allows someone you trust to manage your assets if you become incapacitated.
- Ease of Management: A revocable trust offers a straightforward way to manage assets during your lifetime and distribute them after your death.
We will work with your estate attorney to see if an Irrevocable Trust makes sense if any of the following situations apply.
- Your total estate now or in the future is exposed to the estate tax (death tax).
- You desire asset protection for you or your beneficiaries.
- You want to control and sustain family wealth for multiple generations.
- You want to improve the tax efficiency of a business succession plan.
- You want to be charitable with your estate while supporting your family.
Estate planning is not a one-and-done activity. It is an ongoing exercise that requires routine reviews so updates can be made based on changes to – Your Estate, Federal or State Laws, Recent Life Events, Family Dynamics, Your Legacy Goals, and Other Factors.
Schedule a complimentary review to see if your current estate plan requires potential updates.
This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.
