Having an effective estate plan is a necessity for everyone regardless of age or health. Providing clear legal documentation of your wishes for how your estate is managed and distributed is a gift to the loved ones you leave behind.
An estate plan is much more than a legal document or set of documents. It represents a set of strategies for making your unique goals a reality. An estate plan includes many components. Our attorneys help clients implement the right strategies and solutions. Depending on the unique needs of each client, we prepare documents such as:
- Trusts, wills and powers of attorney
- Health-care powers of attorney
- Durable financial powers of attorney
- Living wills
- Asset protection trusts
- Dynasty trusts and other vehicles for generational wealth transfer
- Special needs trusts
Establishing A Trust - A trust is a fiduciary relationship in which the client or grantor provides for the transfer of assets and property and gives another party, the trustee, the right to hold title to property or assets for the benefit of the beneficiaries identified in the trust. Trusts are often recommended as part of a comprehensive estate plan for any number of reasons:
- Avoiding the public disclosure of assets and financial data
- Uninterrupted management of assets before or after an individual’s death
- Management of assets during illnesses or disability
- Reduction of income and/or estate tax
- Elimination or reduction of the expense and delays associated with probate
The most common form of trust is the revocable (inter vivos or living) trust. However some circumstances dictate the use of irrevocable trusts, special needs trusts, or other speciality trusts that hold assets such as real estate or closely-held stock. Our attorneys offer experienced guidance on:
- Applying and interpreting estate planning documents
- Transferring assets and making distributions in accordance with the estate plan
- Identifying, valuing and accounting for trust or estate assets
- Preparing appropriate state and federal tax returns
- Managing trust assets in a prudent manner
- Preparation of federal estate and gift tax returns
- Prosecuting and defending litigated claims involving estates and trusts
Trusts can be created while you are alive or upon your death. They offer a number of legal benefits; most notably they allow assets to be transferred without going through the expensive and time-consuming probate process. In some cases, trusts can also help avoid costly estate taxes and gift taxes.
Creating a will is fairly straightforward, but establishing and funding trusts can be a complex process. It is important to have the assistance of an experienced and knowledgeable trust attorney to ensure your trusts are properly set up and provide you and your loved ones the benefits that are intended from a specific trust administration. Our attorneys are skilled in drafting trust documents that create the type of legal protections you want and need. We tailor our estate planning advice to the specific needs of each client and can help you determine if using a trust in your estate plan is the right choice for you.