Will and trust planning for single and married individuals
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Each person has a choice of dying without an estate plan, which is known as dying intestate (statutes in the state of the decedent's residence dictate how and to whom assets are distributed); using a will to set forth your wishes (a will is a document which directs the disposition of your estate in a document placed into the court in the county in which the decedent died) or using a trust to hold assets to be distributed upon death. When assisting clients with drafting of their estate plan we look at all of the options available to insure your estate planning wishes are fulfilled.
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Advance directives, including medical and financial powers of attorney, and living wills
An advance directive (as the name implies) is a statement or directive you give as to medical and financial actions you wish to have taken on your behalf at a point in the futurer when you cannot take them yourself. Common forms of advance directives include a medical power of attorney also referred to a health care proxy), a living will, a financial power of attorney or do-not-resusciate order. For most indivuals planning for their personal care and financial estate one or more of these documents should be included in your estate plan. If you don't have such documents you should get them to avoid the need of court intervention should a decision need to be made for you. Please contact us for more information.
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Estate tax planning for individuals with taxable estates
For individuals dying in 2008 they can pass to their heirs $2,000,000 free of estate tax. Couples, with special planning, can pass twice this amount, i.e.-$4,000,000. This amount increases for decedent's dying in 2009 to $3,500,000 and in 2010 the amount you can pass tax free is unlimited, although there is a change to the cost basis of the assets which your heirs receive creating more income tax when the heir sells the property. In 2011 the amount you can pass is reduced to $1,000,000. What a crazy structure which requires careful planning if you are to reduce the amount of estate tax which your estate must pay upon your death. For articles specific to the topic of estate tax planning look to the Special Reports and discussions on our blogs.
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Administration of a decedent's estate in a court probate proceeding or within a limitation set forth within a trust including family conflict resolution
When a person dies his or her estate (the items they own at death such as real estate, personal property, bank accounts,vehicles, sporting goods, jewelry, savings accounts, etc)must be distributed to the decedent's heirs. The process of distributing the estate is commonly referred to as the administration process. This process can be through a judical process commonly referred to as probate; through the administration of non-probate assets such as assets held in joint tenancy or payable on death accounts or through the administration of assets held in a trust. We are able to help you sort out the different estate assets, to whom they should be distributed, whether in a judicial or non-judicial proceeding.
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Skilled, assisted and at home health care planning, including planning with the use of long term care insurance, Medicaid, annuities, etc.
Aging is not easy! As we age we become less and less independent and often need the assistance of care providers allowing us to stay at home or in an assisted or skilled facility. We can help you plan for this challenging time of your life. You will find more information on specific issues facing you during this time of your life in our Special Reports.
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Disability planning for children and adults
According to Wikipedia there are 650 million disabled individuals worldwide. In the United States alone there are 32 million over the age of 18 and 5 million under the age of 18. Whether planning for yourself or for a family member or friend care is required. We counsel individuals, enabling them to remain independent to the extent possible, as well as those wishing to provide for a disabled child or adult. Through the use of trusts (such as special or supplemental needs trust) assets can be protected for the use of the disabled individual enhancing his or her life. For additional information on the topic of disability planning for children and individuals please go to the Special Report Tabs. Please contact us for more information.
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