Estate Planning
The term ‘estate planning’ can mean many things but we often use it to describe the process of organizing your thoughts and wishes concerning your estate and your legal and tax arrangements into an integrated plan. There are many tools and techniques that make up a well thought-out estate plan. These include some simple ideas and documents that most people should have in place as well as more complex documents and arrangements that will not necessarily be used by everyone. Here is a list of some of the concepts that are used in this process:
Revocable Trusts
Insurance Trusts and Other Irrevocable Trusts
Trusts for Children and Grandchildren
Special Needs Trusts
Generation-Skipping Trusts
Wills and Pour-Over Wills
Durable Powers of Attorney
Gift Planning
Planning for Retirement Benefits (including IRAs)
Family Partnerships, Limited Liability Companies and similar entities
Advance Health Care Directives and other arrangements concerning health care
The goals of a good estate plan should include:
Estate tax planning to minimize the cost and effects of estate taxation
Considering lifetime gifting opportunities
Avoiding or minimizing the need for probate proceedings
Planning in advance for the possibility of poor health and incapacity
Organizing and clearly expressing your thoughts and wishes for your estate
Providing a clear line of authority for management of your estate
Arranging the proper form of title for your assets
Coordinating retirement plan beneficiaries
We have a great deal of experience in dealing with these and similar matters. Our estate planning attorney is Denae L. Oatey and our trust and estate paralegal is Elizabeth Holihan.