Wills

The key to a successful estate plan is a well drafted will, allowing you to designate those who will receive your assets. The laws of intestacy (dying without a will) rigidly dictate the manner in which your assets are distributed amongst your heirs, often with undesired or expensive consequences. A will gives you control over the division of your property, including the opportunity to plan for charitable donations. In addition, a will is your only opportunity to nominate a guardian for your minor children. Furthermore, our estate planning group can assist you in navigating the confusing arena of estate and inheritance taxes to minimize or eliminate your liabilities.

Power of Attorney

A durable power of attorney is an essential part of your estate package. This document allows a trusted relative or friend to engage in financial transactions on your behalf when you are incapacitated. The durable power of attorney prevents the delay and expense involved in a guardianship proceeding before the circuit court.

Living Will & Advanced Healthcare Directive

This is a critical document, allowing you to predetermine the types of medical procedures that will be used if you are rendered incompetent or incapacitated, including instructions on withholding or employing life-sustaining procedures. It will also allow you to designate an agent to make medical decisions on your behalf.

Probate

Estate administration can be extremely difficult for those who are unfamiliar with the process. Our office provides the personal representative with guidance and assistance when preparing and filing documents, ensuring that the wishes of the deceased are fulfilled.

Long-Term Care Planning

With the cost of health care at an all time high, your ability to pay for your own long-term care is questionable. Planning for such care before it becomes necessary can save you from spending a lifetime of savings. Our experienced professionals will guide you through this complex and critical process to maximize your health care benefits.

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What is estate planning?

Estate planning is a comprehensive area of law that encompasses planning for distribution of assets upon death, avoiding taxation of distributed property to the extent possible, and having a plan for financial and health care matters in the event of incapacity or illness.

“My primary goal is to work with you to craft a plan tailored to your needs and wishes. I will individually address your current situation and future goals, explain the relevant law, and make sure that going forward you have the knowledge to evaluate the estate consequences of your actions.”

Who needs an Estate Plan?

Estate planning needs vary depending on your wealth, health, and your family situation. That’s why there’s no one size fits all approach. Below, I’ve laid out some of the types of people who can benefit from an estate plan.

• Young Couples: With a new home or child comes the responsibility of having to plan for unforeseen events.
  
• Adult Children: As your parents age you’ll be taking more responsibility for their affairs and for making sure they have an estate plan in place.
  
• “Blended” Families: Couples with children from previous marriages have a lot to think about when it comes to how to plan for managing and distributing property should a parent die.
  
• Same-Sex Couples: Without many of the default protections of state sanctioned marriage planning becomes paramount to avoid undue taxation, enable hospital visitation and decision making, and ensure smooth transition of property after the death of a partner.
  
• Small Business Owners: Because so much of your wealth is tied up in your enterprise, planning is essential to make certain that your family will be taken care of in the event of your death.
  
• Individuals Nearing Retirement: It’s time to start thinking about issues of estate tax, and how you can put a comprehensive plan into place.
  
• Immigrants with Foreign Assets and Family Abroad: We have many clients with immediate family in another country. You may have assets abroad or may be inheriting foreign property. I can help ensure that these are distributed appropriately and help you to understand the complexities of distribution to foreign nationals and how international assets are handled.

An estate plan is generally composed of several of the following:

• Wills: A document used to designate what happens to your property when you die. It also allows you to appoint a guardian for your minor children.
  
• Asset Titling | Property Ownership: The practice of planning for the use of real property, bank account ownership, beneficiary designations, life insurance, and other tools to protect and distribute assets.
  
• Powers of Attorney: Assigns someone to act for you with respect to financial and business matters if you are unable.
  
• Advance Directives: Allows you to make enforceable end-of-life decisions and appoint an agent to make health care decisions for you.
  
• Trusts: Complex agreements that hold property and control its distribution.
  
• Tax Planning: Minimizing estate, inheritance, and capital gains taxes.
  
• Business Succession Plan: Transferring ownership and continuing operations of a family business, and the associated business management, tax, retirement and estate planning issues.
  
• Long-Term Care Plan: Dealing with the expense of a long-term hospitalization or nursing home stay.

Other areas of practice that are estate related:

• Estate Administration | Probate: After death, carrying out the estate plan, or dealing with consequences of a bad plan or no plan.
  
• Estate Litigation: Using the courts to challenge the actions of a personal representative, the deceased, or of individuals who have mishandled estate property, or committed other kinds of fraud or abuse in the probate process.
  
• Guardianships of the Person and Property: When an individual has no designated agent to handle their affairs a circuit court action is taken to appoint a relative or friend to act on their behalf.