Estate Planning
A personalized estate plan gives you the power to support your loved ones regardless of your circumstances, and to determine how you will be cared for in the event of your own incapacity. Together, we can build the right plan for you.
Wills & Trusts
More than half of Americans lack a will or a trust. This means that many Americans are missing the opportunity to direct their own legacy. Through a well-drafted will and an optional trust, you can make your intentions clear and give your loved ones the peace of mind in knowing they honored your wishes.
Disability Planning
Forty percent of Americans ages 65 and older suffer from at least one disability that affects their daily life activities, and according to the CDC, of these individuals, 5.1 million suffer from Alzheimer's Disease. Through a customized and proactive plan, you can avoid a costly guardianship proceeding, leave a legacy, and age with dignity.
Our Approach
We take a goal oriented approach to estate planning, which allows you to reflect on your desires and design a plan for you and your loved ones' care and management upon disability and/or death. When it comes to goal setting, we often find clients have one or more of the below goals in mind.
Easing Administration & Avoiding Probate
Dying without an estate plan is messy business. Your loved ones must parse through your assets, oftentimes going through your mail (and now email) to uncover your assets and liabilities and to wind down your affairs. Without a well-designed estate plan, this is time-consuming, stressful, and oftentimes requires court intervention through the probate process.
In some instances, probate administration can be a smooth process; however, it can quickly get expensive if matters are contested, asset holdings are unclear, or close court supervision is required. Due to the expense and public nature of the probate process, many clients desire an estate plan that avoids probate entirely.
Avoiding Guardianship & Planning for Long-Term Care
According to the Centers for Disease Control and Prevention, about 20% of persons living with a disability suffer from serious cognitive disabilities or lack the ability to live independently. From an estate planning standpoint, this presents a clear opportunity to plan ahead. Doing so allows you to avoid a guardianship proceeding, which--by default--requires a judicial finding of your incapacity and requires the court appointing a guardian for you. It also allows you to plan for the significant costs of long-term care. By putting a plan together well in advance of a crisis, you can rest assured that you can leave a legacy to your loved ones and age with dignity.
Leaving a Legacy & Supporting Loved Ones
If you are married with children, the law by default divides your assets evenly between your spouse and children upon your death. If your children are grown and responsible, this plan may work fine; however, if you have young children, then a guardian will need to be appointed to manage these assets. Worse yet, upon their turning 18, they will have immediate access to these assets. By devising a customized estate plan, you can provide support and mentorship provisions for your children, so no expensive guardianship would be required, and their assets can be well-managed until they are able to manage them themselves.
Reducing Taxes & Legal Fees
By now it should be clear that the default plan is a messy, and thus expensive, plan. Moreover, designing a plan that is cognizant of estate taxes (federal and state), capital gains recognition, and income taxes can result in significant financial savings for your loved ones.
Frequently Asked Questions
Trusts
Wills
Power of Attorney
Medicaid & Planning for Long-Term Care
What We Provide
- Personalized, goal oriented estate-planning counsel
- Assistance in funding trusts
- Carefully drafted documents to provide clarity and flexibility