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| Estate Planning |
Estate planning is the process by which an individual or family arranges the transfer of assets and heirlooms in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries by, among other ways, minimizing the amounts paid in taxes, and provide flexibility for the individual prior to passing.
Our estate planning strategies look to minimize the estate, gift and generation-skipping tax consequences associated with the transfer of property. Our clients utilize a living trust in order to ensure their privacy as well as avoiding probate proceedings.
While everyone should have an estate-planning vehicle that names their beneficiaries, it is particularly important for business owners and for clients whose assets will trigger the estate tax. A business owner should have a clearly defined business succession plan that not only names his beneficiaries, but also identifies who will run the business upon his death. A business succession plan will help avoid a power vacuum and any delay in business operations upon death. For clients whose assets will trigger federal or state estate tax, having a well-drafted trust may save millions of dollars in estate tax.
Regrettably, people often fail to address issues concerning estates and their succession before it is too late, however, we are here to present our clients all of their options.
We can assist with the following types of estate planning instruments:
• Wills
• Revocable Trusts
• Irrevocable Life Insurance Trusts
• Durable Power of Attorney for financial matters
• Advance Health Care Directives
• Prenuptial and Postnuptial Agreements
• Buy-sell agreements
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