Why have an estate plan?
Estate planning is an investment in your family’s future well-being. Whether you have a bank account, retirement account, or own anything from a house to a coin collection, you have an "estate." To ensure your wishes are honored regarding your estate, you should have a formal estate plan in place. An estate plan will not only dictate how your assets are distributed, but it can also protect assets from creditors, reduce or eliminate your tax liability, and provide for you during periods of incapacity.
It is a common misconception that estate planning is only for the wealthy. People of all means can benefit from having an estate plan. In fact, an estate plan can often save time and money in the long run by avoiding probate and protecting assets. Furthermore, regardless of your financial situation, it is critically important to have end-of-life care and final arrangement wishes expressly made as part of your estate plan. This will spare your loved ones from making difficult decisions without guidance and give you peace of mind, knowing that your wishes will be followed.
While it is easy to put off creating an estate plan, waiting until it is too late can be devastating for families. By acting now, you will have peace of mind knowing that you will be cared for as you wish and your family’s needs will be met.
Why use an attorney?
Good estate planning involves more than simply inserting your name and information into pre-made documents. A knowledgeable attorney can guide you through the process of clarifying your goals and needs and work with you to design a comprehensive estate plan that best fits your objectives. Not all estate plans are created equal. I specialize exclusively in estate planning and related practice areas, offering the following advantages:
I use an in-depth estate planning questionnaire to efficiently collect pertinent information, allowing me to understand your unique situation, develop strategies, identify potential issues, and make appropriate recommendations.
I am available for initial and ongoing consultations to ensure that your estate plan works exactly as you intend. You will also be well informed at every step of the process and fully understand how your estate plan functions.
In addition to ensuring that your possessions pass to your beneficiaries as intended, I will advise you on strategies and tools to limit or avoid tax liability and protect your assets from creditors.
If you have a disabled or special needs loved one, I can ensure that your estate plan provides for them while also preserving their eligibility for public benefits.
I can address concerns with your heirs, such as age, spending habits, addictions, or divorce, and create a plan with safeguards in place to avoid unintended consequences.
I provide follow-up advice on how to store documents, assist with funding trusts, review and update documents, and offer instructions for surviving beneficiaries and trustees.
Even basic trust documents can be lengthy and filled with legal jargon and references to statutes. Therefore, in addition to explaining your estate plan to you, I provide a written, easy-to-understand summary of your testamentary documents, broken down by section to clearly explain the purpose and effect of each part.
I will also advise you on and draft all ancillary but essential documents for a complete estate plan, including but not limited to: (1) financial power of attorney, (2) healthcare power of attorney, (3) living will, (4) pour-over will, (5) HIPAA release, and (6) beneficiary designations.
Ultimately, by using a knowledgeable attorney, you are guaranteeing yourself peace of mind that other options cannot provide. Estate planning can be complicated, and even simple plans can become riddled with costly issues if done without the help of an attorney. Having an attorney ensures that your estate plan not only has legal effect but is also tailored to your unique needs and wishes, helping you avoid undesired consequences, family conflicts, and costly, time-consuming probate proceedings.