The work we do together in the Estate Planning process can help to simplify the management of your after-death affairs and can often completely avoid or, at a minimum, dramatically minimize the need for your heirs to engage in the Probate Estate Administration process. Even the best written will has little value if one’s assets are depleted in later years by health care costs. They may also help your family completely avoid the probate process altogether.
Our Trusts & Estates lawyers offer astute advice and an array of services designed to not only meet each client’s unique estate planning and trust administration needs, but also to minimize future tax burdens. Our lawyers counsel individuals on the creation and structure of closely held business and investment entities to carry out their long-term goals. It used to be if you had a deed that transferred ownership to two or more people (such as a couple) without the magic language of "joint tenants with full rights of survivorship and not as tenants-in-common" it was presumed to be tenants-in-common which can have a significant different intended result.
Check with your state's bar association and ensure every attorney is licensed in good standing. A financial power of attorney is useful even if you are married. The personal representative for the estate should retain an attorney that they want to work with for the process. A revocable trust is used to avoid probate and to use a person's remaining estate tax exemption and generation-skipping transfer tax exemption to maximize tax benefits.
The ABA Guide to Wills and Estates will help you determine what to put in an estate plan; decide whether to prepare a will, trust, or living trust; avoid or reduce estate taxes; prepare for the financial impact of chronic illness; understand the benefits of living gifts and life insurance; select an executor and trustee; and much more! We are prepared to do the job right: spending time to get to know your family’s needs and exercising discretion in a neutral unbiased fashion and standing ground when necessary in complex familial and sophisticated business situations.
Therefore, singles should select a person they want to act for them and sign legal documents that give him or her that power. The Internal Revenue Service has issued two published rulings approving the transfer of stock options as an estate planning technique. The advantage is that the real property is valued at its farm use value rather than its fair market value. No two estates are the same and Davies Pearson attorneys pride themselves on providing individual attention to each and every client.
That is, if each spouse has children from other relationships, those children's inheritance is protected even if their parent is the first spouse to die. The court, to their best ability, tried to interpret the wishes of the deceased woman. For some people, avoiding probate is one of the primary reasons to make an estate plan. A corporate fiduciary is the logical choice to serve as trustee of a perpetual charitable trust.
Below post will help you to understand the importance of estate planning and various terminologies used in estate planning. Similarly, LegalZoom does not guarantee the results or outcomes of the services rendered by our legal plan attorneys or attorney-assisted products. However, there are certain things that are inevitable in life and death is one of them. In planning and administering estates, strategies to promote family harmony are just as important as helping our clients navigate through probate and tax issues.
Some people prefer to name a spouse or child as owner of the insurance policy, but there are risks with this arrangement. Numerous threats can erode your assets and prevent your estate from being managed and distributed according to your wishes. The author explains an estate planning approach which can enable a cooperative family to empty a bypass trust no longer needed to meet the family's tax planning goals.
If you do not have a provision and have thought about the care of your pet in the event of your death you may want to include a Pet Trust in your Estate Plan. Throughout this web site you will find a lot of information about estate planning, probate, taxes, trusts, trust administration and more. Are there scams related to living trusts? Catch 22.) Some banks can help you set the box up for access after death, but make sure you ask the question and get it taken care of.
Bedell develops tax-sensitive estate plans that are customized to the unique needs and objectives of each client. Our complete estate plan includes documents that delegate authority to make financial and medical decisions while you are alive. Kelly also has extensive trial, mediation and appellate experience, and has successfully litigated a number of high profile trust disputes and elder financial abuse cases. Unlike wills, trusts are private documents and are not filed with the probate court and are often used in estate planning as a way to avoid Florida probate.