Consider estate planning to be insurance for your family and loved ones. It is, quite simply, planning for the future. It doesn’t matter if you have earned assets, inherited assets, or hope to do one or both, you should be certain that your assets pass to your loved ones according to your wishes, with minimal transfer taxes, estate taxes, probate fees, and other costs. We can help you attain your estate planning goals. Our firm believes in personalized service for each and every client.
For individuals with larger estates, proper estate planning will minimize or reduce estate tax liability, and preserve your wealth. Depending on how much you own when you die, your estate may have to pay estate taxes before your assets can be distributed (federal estate taxes are 40%). We can provide you with a number of strategies to reduce or even eliminate estate taxes – if you plan ahead.
Other estate planning issues may be more important to you than taxes, particularly if you have minor children. For instance, who will take care of your minor children if you die or become incapacitated? How do you? At what ages should your children receive your assets? If you are incapacitated, who will make medical and financial decisions for you? Do you want to be kept alive on life support if you are in a permanent vegetative state? If you don’t make these decisions now, a court will make them for you when the time comes.
A comprehensive estate plan almost always includes: