Estate planning is just what it states; planning. Planning to assure children are cared for and provided for; planning to start a career or business, planning for the children’s college expenses, planning for a vacation home, planning for retirement, planning to take care of a loved one; planning on retirement, planning to preserve the assets you worked hard to accumulate and yes planning for death.

An estate plan can be very simple or highly complex. It all depends on the client’s current situation and goals in life. An Estate plan should be tailored to fit the client’s need with flexibility for change.

The most basic form of an estate plan should consist of the following:

  • Last Will & Testament
  • Durable Power of Attorney
  • Health Care Proxy with or without an advance directive

This basic plan covers most individual without a business and with assets less than one million dollars. However if there is accumulated wealth or there are family issues such as disabled children or grandchildren, second marriages, mixed families, health concerns, business ownership etc.  a more specialized plan may be needed.

Estate Planning Tools

Living Revocable Trusts

  • Avoids Probate
  • Manages assets
  • DOES NOT qualify for Medicaid exemption

Irrevocable Trusts

  • Avoids Probate
  • If qualified protects assets from Medicaid

Special Needs Trust

  • Allows disabled heirs to continue to receive benefits

Life Estate Deeds

Shareholder Trusts

Charitable Remainder Trusts

Life Insurance Trusts

Family Limited Partnerships

Qualified Personal Residence Trusts

Nominee real estate Trusts

Call our office for an appointment to determine the right plan for you.