Estate Planning, Trusts & Probate
As a valued or potential Estate Planning client it is important to us that your estate plan is up to date. Often the only way to do that is for us to meet to review changes in the law or your circumstances.
In recent years, changes to the law have provided more tools than ever to help you establish an estate plan that avoids or minimizes the need for Probate, including, in appropriate cases, the establishment of a Trust. When carefully planned, this can have significant impact on the cost and time to administer an estate.This open letter is a reminder to review your estate plan to make sure it accurately reflects your circumstances and intentions. If you would like, we would be happy to meet with you to review your estate plan at no charge for that initial meeting. If you are interested in an appointment, please give us a call. We are offering to do this because it is important to us, in providing legal services to you and your family, that your estate plan stays on track and that we are satisfying the expectations of you and your loved ones.
A Last Will & Testament also serves to make sure that your probate property is handled appropriately and, as importantly, it designates your choice of fiduciaries to handle your probate affairs.
Many farming and business clients have also found that proper transition planning, often including the use of life estates, incorporations, limited partnerships, limited liability companies and other business structures, can have a significant impact on these enterprises and one’s estate.
If you are considering a gifting program, like a charitable gift trust or a special needs trust, then now may be the time to make sure you fully have evaluated those ideas, including legally avoiding Medicaid eligibility pitfalls should you or your spouse need long-term nursing care.
Every good estate plan is built upon a foundation that addresses three phases of your life: while you are healthy, if you become disabled, and in the event of your death. Your estate plan should not just include how you transfer your assets upon death, but, as importantly, how you would like your affairs to be handled while you are alive. Guardianship designations, Powers of Attorney, Living Wills, Powers of Attorney for Health Care, Do Not Resuscitate Orders and Organ donations are just a few of the other planning options you may want to review.
