The objective of estate planning is to create a legacy to designate control over your assets during your lifetime, for your spouse or partner upon your death, and to benefit future generations. Estate planning tools include creating trusts, wills, and other ownership vehicles. Estate planning may extend to education trusts and special interest trusts for disabled children, aging parents, pets, and other targeted groups. Estate planning is also designed to avoid many of the costs and delays of probate court proceedings and inheritance taxes. News accounts state that Prince died without a will, this is called intestate and will result in costly legal fees and delays to the distribution of his estate. Unfortunately, the cost and uncertainty could have been avoided if Prince had created a will or trust. Contact us, your legacy planner!
Estate planning is extremely important in anticipating and preparing your assets for management in the case of your disability, death, or another unfortunate event. Proper estate planning helps to ensure your care in the event of a health problem and to minimize tax burdens and other expenses that could be passed on to your family and reduces additional trauma and stress about tasks during an emotional time.
Meeting a Variety of Estate Planning Needs
A Prenuptial Agreement, commonly referred to as a “prenup”, lists which assets are considered separate property between spouses and which are shared as the marital estate. Making this distinction prevents assets from being misclassified for inheritance once a spouse passes away or shielded from creditors of the other spouse. A prenuptial agreement is especially important where the individuals have been previously married and have children from other marriages. A prenuptial must be signed prior to the marriage ceremony.
Last Will and Testament
A Last Will and Testament allows you to assert your wishes as to how the assets in your estate will be distributed. It can also be used to ensure the care of loved ones, as you would see fit.
Revocable Living Trust Plan
A Revocable Living Trust Plan allows you to create a legal entity for ownership of your assets whereby you are able to control and manage them while you are living. It then assures how the trust will be handled if you are incapacitated or pass away.
Irrevocable Living Trust Plan
An Irrevocable Living Trust Plan is similar to a living trust except that it cannot be terminated. This is usually made to transfer wealth, protect your assets, and reduce taxes. At TrustAttorneyOnline we assist you to implement safeguards to your assets in an Irrevocable Living Trust Plan to ensure that you can maintain the lifestyle you desire and leave a legacy to your intended beneficiaries.
Emergency Estate Planning
Emergency Estate Planning appoints decision makers in the event you are incapacitated and designates heirs in the event that you failed to properly prepare your estate, leaving it vulnerable. These steps include Power of Attorney and designated beneficiaries on bank and investment accounts.
Living Wills and Advance Directives
A Living Will or Advanced Directive outlines your preferences for care should you become unable to make decisions yourself. These can be as specific as choosing doctors and care centers to receive treatment.
Special Needs Trust
A Special Needs Trust can be made for the benefit of a minor or an individual with a mental or physical disability to enjoy the assets held in trust while also receiving essential government assistance.