Services
Wealth Transfer Planning
Wealth transfer planning is unique in every situation. Effective wealth transfer planning focuses on the needs of your desired beneficiaries that they have now and that they may face in the
future. This usually begins with making sure that your needs and your spouses needs now are provided for and surviving spouse is provided for. This may also include your children or
grandchildren or it could include a favorite charity. It is important to consider the unique situation of each of your beneficiaries to determine how you can best utilize your wealth to help
each one. Some may not need your wealth or some may be harmed if given too much wealth. It may make sense to provide some of your beneficiaries with assistance now rather than later. It is not
required that all beneficiaries get an equal amount. Also, it is not required that your children receive all of your assets.
Your life purpose and your values should be considered as part of your wealth transfer planning. How can you further your life purpose and values through your planning? Have you properly trained your successors with the values and wisdom to handle the wealth that you could pass on to them? Also, in the case of business owners, this will require looking at business succession planning.
All of the above planning can take some time, so I always want to make sure that an initial plan is in place to cover the question, what if something happens to me before we complete the
wealth transfer planning process.
Basic or Complex Estate Planning
A basic estate plan should contain a simple will, a financial power of attorney, a healthcare power of attorney, and a living will. Most people will also decide that a revocable living trust is better than a simple will. Depending upon your unique situation, this planning could also include making choices about whom replacement parents for your minor children would be if something happens to you, or it may require that we plan to reduce or eliminate estate taxes, or plan for the continuity and succession of your business.
So whether you planning is basic or complex, we can assist you in your unique planning situation.
Administration of Wills and Trusts
When a friend or loved one dies, it is a stressful time. Regardless of whether they did any planning or not, there is going to be some amount of paperwork that needs to be done after they
have passed away. If they had a will or had done no planning, then more than likely a probate proceeding will be required to get the assets through the court process and to the correct
beneficiaries. If the loved one prepared a revocable trust and all of the assets were owned in the trust, then there are still some steps that have to be taken but they can be all done outside
of the probate court. This usually means that it will take less time, be less expensive and be less public. We have handled the administration of many estates both inside and outside of the
probate process and we can successfully guide you through the appropriate process as well.
Long Term Care Wealth Transfer Planning
It used to be that, if you were concerned about what might happen if you or your spouse got sick and had to go into the nursing home, was a question that could be addressed separately from your wealth transfer planning. That is no longer the case. Back in February 8, 2006, the Deficit Reduction Act of 2005 (DRA) was signed into law. The DRA has had a substantial impact upon what can and cannot be done to plan for a long term stay in a nursing home. In order for you to have the most flexibility in that planning, you must now consider the possibility of you going to a nursing home at least five years before it happens.
It also requires that your long term care planning and your estate planning be coordinated. If you have not started planning soon enough or you do not have the proper language in your documents,
you may be extremely limited in the options you have available to you when it come time to enter into the nursing home.
We can assist you in that planning all the way from the initial planning five or more years in advance right up to the preparation of a Medicaid application and any subsequent appeals which
may be needed. We have been successfully assisting clients with this planning since it became necessary back in 2006 and we continue to study the landscape to keep abreast of the latest changes
in this newly developing area.
Business Succession Planning
For the business owner, often the business is your most valuable asset. It is crucial then that you take the time to consider how you can best coordinate the transition of that business from your management and control to the next generation. Whether that process is done while you are alive and deciding to just slow down or whether the process is necessitated because you are no longer able to physically run the business, it will be much more efficient and a lot less costly if there is a contingency plan already in place. We have assisted many clients with the complex issues of taxation and business entity formation, as well as the very personal family discussions, which may be involved in business continuation and succession planning. We can assist you as well.
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