We work with clients and their financial advisers, accountants, and other professionals to identify estate planning goals. We develop tax-advantageous structures and approaches directed to preserve family harmony by selecting from a wide variety of estate planning vehicles including:
- Basic Wills
- This type of will is basically a document that explains how you want your estate distributed once you have passed on.
- Wills that maximize the use of the unified credit equivalent for married clients
- Unified credit equivalent is the number of dollars one person can give away during their life and pass on to an heir or beneficiary.
- Wills containing provisions specific to Non-U.S. Citizens
- If you or an heir is not a U.S. citizen, there are certain aspects of a will that should be handled differently. What that means is that non-citizens become special issues, without necessarily meaning to, that will need to be taken under advisement. This will ensure your wishes are met upon passing.
- Lifetime and Testamentary Charitable Trusts
- The assets left behind upon your passing are collected into this trust. A specific amount of money is sent to the heirs named in the trust for their lifetime. It’s also possible to set the payments to cease after 20 years. The remainder is then sent to a charity of your choice.
- Special Needs Trusts
- Essentially, this is a trust created for someone who is either disabled, dealing with a long-term illness, or who lives off of Medicare or Supplemental Security Income (SSI). A special needs trust ensures this person will continue to be taken care of. It also ensures that the person is able to continue qualifying for benefits regardless of property or assets.
- Personal Residence Trusts
- Your home is placed in a trust that will pass on to a beneficiary after a certain amount of time. This can be after you pass on or for a specific term length. No other assets are included in a personal residence trust. There is no real wiggle room in this option, so make sure whoever is the beneficiary is trustworthy. A qualified personal residence trust can include money for home expenses.
- Life Insurance Trusts
- Once you move a life insurance policy into a trust, it becomes a life insurance trust. That includes both term and whole policies. At this point, the trustee is in charge of the policy benefits.
- Grantor Trusts
- As the owner of this trust, you control the assets and are in charge of the estate for tax purposes. That includes any revenue brought in by property or other assets.
- Charitable Trusts
- This trust is not tax-exempt but it sets up your assets where everyone wins. The trust sets aside assets for beneficiaries and charities.
- Durable Powers of Attorney
- This is authorizing someone to make decisions for you in case you are unable to make them yourself. Things such as property, finances, or investments are covered under this power of attorney.
- Health Care Proxies
- A proxy of this type designates a specific person that will be your representative in matters of health. This individual should be made aware of your preferences in a number of incapacitating circumstances in case you are unable to communicate. They will be tasked with making decisions.
We also assist in the probate and administration of estates when a loved one passes away.