The basic focus of estate planning is to guard against unintended consequences. It is very difficult to anticipate everything that might happen to an individual and his/her loved ones throughout their lifetime. Therefore, our attorneys prepare our clients for events that may come their way and guard against any unintended consequences. Examples of events affecting one’s estate include: divorce; remarriage; transferring a business to the next generation of ownership; incapacity; the admission of a loved one into a nursing home; death; and taxes.

Below are some important aspects of estate planning:

• Last will and testament. A will is a document containing your instructions and wishes as to how your property and assets are to be distributed after your death. A will should not only be for people who have reached an age where death is not far away but for any person over the age of eighteen. People die at all ages and a will is needed especially if you have assets and property to be allocated to those you wish to benefit.
• Trusts. It is a myth that personal trusts are only for the super wealthy. While estate tax savings can be a benefit, more people create trusts for control, protection, privacy, gifting or to simplify their finances. Beyond wills, our lawyers draft documents to create irrevocable living trusts, irrevocable life insurance trusts, dynasty trusts, irrevocable trusts for children, generation-skipping transfer trusts, grantor-retained annuity trusts, private foundations, charitable remainder trusts, sales to defective grantor trusts, individual retirement account (IRA) trusts, family limited partnerships, limited liability companies, qualified personal residence trusts, advance health care directives, durable powers of attorney, comprehensive assignments of assets, special needs trusts and a number of other estate planning instruments.
• Power of attorney. A power of attorney is a legal instrument in which you designate a trusted person to make legal and financial decisions for you if you become incapacitated. Not having a power of attorney could result in a financial disaster for your spouse or family members. Many people assume that their spouse or family members could make decisions for them if they were incapacitated. However, that is not the case.
• Heath care proxy. Whether you are 18 or 80, you need a health care proxy to designate someone to make medical decisions on your behalf if you become incapacitated and are unable to communicate for yourself.
• Wealth preservation. Our trust and estate lawyers go above and beyond traditional estate planning in that we believe that family wealth should be passed down on a multi-generational level, rather than simply to the next generation. Through the use of instruments such as dynasty trusts, IRA trusts and irrevocable life insurance trusts, we emphasize the creation and preservation of legacy wealth.
• Asset protection. Without good planning, family and corporate assets are vulnerable to creditors, lawsuits and divorce. Our lawyers will carefully work with you to develop a customized individual asset protection plan based upon your personal and professional exposure. We not only protect your professional and personal assets today; we help you recognize how to keep protecting yourself as you grow more successful.
• Special needs planning. Parents of disabled children or the husband or wife of an ailing spouse can create a Special Needs Trust for the future care of their loved one while helping them qualify for Medicare and Medicaid. Sometimes called a supplemental needs trust, a Special Needs Trust is created to protect assets of individuals with special needs while still allowing them to receive government benefits, such as Medicaid and SSI.
• Probate and Trust Administration. Many people don't understand that distributing assets to beneficiaries after a loved one has died is not as simple as having a will and following its instructions. Beneficiaries cannot inherit until the will has been presented to a probate court and approved. While assets held in a trust do not need to go through probate, the trustee needs guidance on how to administer the trust. Our team of experienced lawyers work closely with executors, trustees and beneficiaries to provide a smooth and orderly administration of trusts and estates. We assist clients in the probate of wills and administration of estates and trusts, focusing on appropriate tax strategies in carrying out a decedent's intentions for preservation of assets and transmission of wealth to subsequent generations.
• Estate taxes. One of the greatest destroyers of inherited wealth is the estate tax. However, it doesn't need to be. The estate tax is the most voluntary tax in the U.S. tax code. With good planning and the use of trusts, wealth can be preserved for generations to come.