There are numerous advantages to developing a comprehensive estate plan. First, it provides clear instructions on how division and transfer of property should occur upon your death. Second, it significantly reduces the likelihood of family disputes over your property. Finally, it creates a sense of security and comfort that ensures a decedent’s wishes are carried out.
There are many different estate planning strategies, which can be customized and tailored to the individual needs of our clients. A few of these tools we use to accomplish this, including:
- Revocable Living Trusts
- Irrevocable Trusts
- Testamentary Trusts
- Special Needs Trusts
- Basic or Advanced Wills
- Powers of Attorney
- Living Wills
- Family LLCs
- Closely held Corporations
By utilizing a combination of these tools, it is often possible to avoid probate, save a significant amount of time, reduce attorney fees, and maintain a level of privacy and discretion most people desire. We are also able to advise clients on estate planning strategies that take into consideration the rising costs of long-term health care.
One very important consideration as you begin estate planning or create a trust in which to place your property is the possible tax consequences. IRS rules regarding property transfers and trusts are often complicated, so it is important to speak with an experienced attorney about these issues.
Contact us for a consultation so that we can answer all of your questions regarding your estate planning.