We assist clients in instituting estate planning to reduce the ultimate tax liability of their estates, implement our clients’ intentions in the distribution of their assets, and maximize the value and growth of their assets during their lifetimes.
Estate planning is an ongoing process that organizes your affairs in preparation for the end of your life. It helps determine who can make decisions on your behalf, who takes care of your dependents, and how to avoid unnecessary taxes and waiting periods. Estate planning covers decisions regarding money, property, medical care, dependent care, and other matters that can arise when a person dies. One of the biggest benefits of estate planning is peace of mind—you’ll know your wishes will be fulfilled for the benefit of your loved ones. The process consists of creating and finalizing estate planning documents, such as wills, trusts, powers of attorney, and living wills.
A will, formally called a “last will and testament,” is a legal document stating how you want your executor (the person legally obligated to administer your estate) to distribute your assets when you die. Dying without a will is known as dying “intestate,” which means state law will dictate what happens with your estate. Trusts are legal arrangements that protect assets and direct their use and disposition in accordance with their owners’ intentions. While wills take effect upon death, trusts may be used both during the life and after the death of their creators. Separately or together, wills and trusts can serve effective estate planning.