Put your personal and financial affairs in order in the event of your incapacity or death. A well crafted estate plan is an essential part of protecting your privacy, protecting your assets and your family, and planning for the future.
Steps to Estate Planning
The first step in any estate planning process is to learn about you, your families and beneficiaries, and the size and nature of your estate. Then we consider the estate planning tools to accomplish your goals.
Identify your goals.
Your goals may include providing for your spouse, avoiding tax consequences, business succession planning, transferring your estate to your heirs, providing for your disabled child, or simply avoiding the costs and publicity of probate.
Make an inventory of your resources.
Many resources are considered non-probate property, meaning they transfer on your death without a will or trust. Your estate plan will vary on the type and the amount of property you have to manage. Your estate plan will also change when planning for tax consequences.
Name your beneficiaries.
Estate plans can be tailored to reflect the needs and circumstances of your heirs. Age and thrift, disability, and growing families are all factors to consider in addition to specific allocations and tax consequences.
Transfer your assets.
Your specific goals determine whether your estate requires a will with a living trust, an irrevocable trust, or other trust, and how and when your assets are transferred. After the trust is signed, it is necessary to assign your assets to the trust. Once the trust is funded, it is considered active. Whereas, a will only becomes effective on your death.
Review your documents.
Regardless of whether you elect to use a will or a trust as your primary estate plan document, it is important to review your documents every three to five years to make sure they reflect changes in your life and family, the nature and value of your assts, and changes in tax law.
The Estate Bundle
The traditional estate bundle for an individual or married couple includes a "pour over" will, a revocable trust, powers of attorney, and advanced health directives. These tools allow you to avoid probate, provide privacy, and insure that your wishes are upheld in the event of incapacity or death.
Pour Over Will
Revocable Living Trusts
Durable Powers of Attorney
Health Care Directive
Depending on the size and nature of your estate or your specific goals, other estate planning tools are available to achieve your wishes, from irrevocable and charitable trusts, to special needs trusts to manage the affairs of the disabled.
Irrevocable trusts can be established during your lifetime for a variety of purposes such as estate tax planning, asset management, or charitable giving.
These trusts are created upon your death through your will or revocable trust. They include trusts for spouses, children, and those with special needs.
Taxable Estate Planning
Depending on the value and location of assets, your estate may be subject to state and federal estate taxes. These tools ensure you use available state and federal tax credits.
Probate and Trust Administration
We work with trustees and personal representative to administer trusts and estates and resolve disputes for any parties involved in trust or estate administration
Estate Planning Costs
The Traditional Estate Bundle
$3,500 for an Individual.
$4,500 for Couple
Includes Pour Over Will, Revocable Trust, Powers of Attorney, and Advanced Health Care Directive.
$2,000 for an Individual.
Includes a Testamentary Will, Powers of Attorney, and Advanced Health Care Directive.
Advance Estate Planning and Probate
Hourly rates after initial consultation are $300 / hr.
to schedule a free consultation
Appointments are available weekdays during regular business hours of 9:00 am to 5:00 pm.
Telephone or video consultations are available upon request.