Estate Planning

An estate plan protects your family and your assets. An estate plan can nominate a guardian for your children, direct your assets to your intended beneficiaries, and save your estate thousands of dollars in taxes. A comprehensive estate plan typically includes the following:​

Revocable Trusts

A revocable trust​ is recommended for anyone who owns a home and/or has a child.  A trust can help your beneficiaries avoid costly probate proceedings, quickly administer your assets, and provide for your care if you become incapacitated.  Additionally, a trust can provide you with more control over when and how your beneficiaries receive a distribution of assets.  

Finally, a trust may also help a married couple avoid the estate tax, which is currently set at $11,400,000.00 per individual.  That means that a married couple can leave up to $22,800,000.00 to their children before any estate tax is assessed. 

Wills

A simple will may be a good option if you have less than $150,000 of total assets and need to nominate a guardian for a minor child.  The simple will names the intended beneficiary of your assets and your assets can pass to your beneficiary without an extensive probate procedure. 

If you own real estate, then it probably best to have a pour-over will and trust.  This will avoid a costly probate procedure and still direct your assets to your intended beneficiary.  ​

Power of Attorney

Healthcare Directive
A power of attorney will can help a trusted individual manage your finances in the event that you become incapacitated.  Often times people are tempted to make their trusted individual a joint account holder.  However, this can have many negative consequences.  First, if the joint account holder has debt issues, then his or her creditors can seize the money in your joint account.  Additionally, the joint account holder will receive all of the funds in the account at the time of death.  This may not be desirable if you have multiple intended beneficiaries of the account.  

The power of attorney eliminates these issues by giving the trusted individual power over your accounts, while leaving title solely in your name.  ​
A healthcare directive and healthcare power of attorney is something that many of us avoid thinking about.  However, it is beneficial to the individuals that must make decisions on your behalf.  There can be feelings of guilt or remorse if there is not a plan for your healthcare in the event that you become incapacitated.  A healthcare directive removes that emotional burden from your healthcare agent by providing them with a clear plan on your desires for treatment during those difficult end of life moments.  

A healthcare directive may also help keep your estate solvent by reducing unwanted medical costs.  

Finally, the act of creating a healthcare directive forces us to converse with our loved ones about these issues and can help provide further clarity on the matter.  ​

We would love to help you. Together we can secure your legacy.

Let's get starts. Call to speak with our associate, book an appointment to discuss your options when it's convenient for you, or get a free quote to begin planning.