Whether you consider yourself a high net worth individual or an average person, you need to ensure that your family will be well taken care of after you are gone. Estate planning is not something you do once, and then forget. It's an evolving process that changes over time to meet your and your family's needs.
The process frequently requires the preparation of an integrated estate plan, including a Last Will and Testament, Durable Power of Attorney, Health Care Proxy, and Advanced Care Directives, perhaps also a Living Will. Do you have specific wishes as to your final resting place, or how cherished personal property is divided among loved ones? There are special forms to address these concerns.
What About a Trust?
Many clients wish to discuss whether a Trust makes sense as part of their estate plan. We are prepared to explain the pros and cons of using Revocable (or "Living") Trusts to ensure the safety of your assets, and whether there can be tax and probate fee savings or reduction as well. If you have assets in multiple states, a Revocable Trust may save you from Ancillary Probate there.
We are experienced in the use of more advanced strategies, including using Irrevocable Trusts to hold certain assets such as life insurance policies, Grantor Retained Income Trusts (GRITs) and Grantor Retained Annuity Trusts (GRATs) for transferring wealth, and Charitable Trusts to obtain income and estate tax benefits.