Estate Planning

What is an estate plan?

An estate plan is an emergency roadmap when things happen in life, including mental incapacity, physical disability, litigation, bankruptcy, and upon death. An estate plan consists of the creation, preparation, and execution of estate planning and supporting documents among the individual or couple and an experienced law firm and associated professionals, including a CPA, financial advisor and insurance agent. Further, an estate plan is crucial to stay our of court and memorialize your desires to avoid potential conflict among family and other members.

Why do I need to create an estate plan if I am still alive?

An estate plan is crucial at a time when you become incapacitated or disabled. We focus on many issues and concerns with you, including when you are alive but unable to make your own physical, mental, and financial decisions. Such planning includes avoiding a Guardianship and Conservatorship. To accomplish these goals, we encourage some of the following documents used while you are alive but unable to make your own such decisions: (1) Health Care Power of Attorney; (2) Mental Health Care Power of Attorney; (3) Living Will; (4) Financial Power of Attorney; and (4) HIPAA Authorization.

● Health Care Power of Attorney (HCPOA)

We will work with you to gather the information to prepare the HCPOA. The HCPOA allows those of your choosing, as agents, to get access to information under HIPAA when dealing with doctors, hospitals and other health care professionals and to direct autopsy, organ, and tissue donation provisions. The HCPOA grants authorization to direct the cremation, burial, composting and/or the supporting memorial service and directives. The HCPOA is crucial when dealing with assisted living facilities, memory care organizations, and other health care professionals. The HCPOA and can make the difference between life and death. If you do not have the HCPOA, someone may have to go court to be appointed as a Guardian for you.

● Mental Health Care Power of Attorney (MCPOA)

The MCPOA allows those of your choosing, as agents, to make mental health care decisions on your behalf and to get access to information under HIPAA. The MCPOA is imperative when dealing with mental health care conditions, including Alzheimer’s disease, other forms of dementia, anxiety, schizophrenia, bipolar conditions, depression, and other conditions, including the potential admittance to a level 1 behavioral health facility. If you do not have the MCPOA, someone may have to go court to be appointed as a Guardian for you.

● Living Will

The Living Will is the document that governs life-ending decisions if you are in a terminal, irreversible, incurable or persistent vegetative condition and can only be kept alive through artificial procedures. The document will include your wishes regarding palliative care and artificial procedures, including CPR, feeding tubes, ventilation, life sustaining drugs, and electric shock.

● Financial Power of Attorney (FPOA)

We will work with you to gather the information and prepare the FPOA so that those of your choosing, as agents, can act on your behalf. The FPOA is crucial when dealing with banks and other financial institutions, coordinating with Social Security Administration and other governmental agencies, filing tax returns, paying bills, accessing usernames, passwords, and other digital information, taking care of pets, and administering other financial matters. If you do not have the FPOA, someone may have to go court to be appointed as a Guardian for you.

Why is an estate plan important upon death?

We work with you in great detail to make sure of the following upon your death: (1) designate those of your choosing to have the authority to administer your estate and distribute your assets according to your wishes; (2) name those of your choosing to receive your assets and in a manner you desire; and (3) avoid a probate court proceeding.

Understanding the Living Trust

What is Probate? Probate is the court process to approve the Will, appoint an individual to be the Personal Representative, also known as Executor, ensure your debts are paid, and assets are distributed persuant to the terms of your Will. Without a Will, state law decides who will be the Personal Representative and how your assets are divided.

Probate is problematic for several reasons:

• It’s expensive: Legal fees, executor fees, and other costs can total 5-10% of your estate’s value.

• It’s time-consuming: The process can take from 9 months to 12 months, on average.

• It’s public: Anyone can view what you owned and who you owed, leaving your family’s finances exposed.

• It’s out of your family’s control: The court decides how long probate takes, how much it costs, and what information becomes public.

Why do I need a Trust?

How a Living Trust Works

A living Trust allows you to control your assets during your life, even if you're incapacitated, and the Trust ensures the assets are distributed according to your wishes after your death.

To set up a living Trust, you transfer your assets to the trust’s name, or name the Trust as a beneficiary. Legally, you no longer "own" anything—the Trust does—but you retain control as the Trustee, which keeps your assets out of probate upon death and avoids court control if you become incapacitated. It’s a simple, effective way to protect your assets and your family.

A Las Will and Testament may not be the best choice for your family. While the Will outlines how your assets should be distributed, it does not avoid probate in and of itself, meaning the court must verify the Will before it can be enforced. Plus, a Will only takes effect after your death and offers no protection if you become incapacitated, potentially leaving the court in control of your assets.

The solution? A Revocable Living Trust. It avoids probate, lets you maintain control over your assets while you're alive, and ensures your assets are managed as you wish—even if you become incapacitated or after your death.

What types of Trusts are available?

As an experienced and knowledgeable law firm of over 56 years of combined experience, we provide competent and proper legal counsel for you. We can provide several Trust options for you, including the following:

● Living Revocable Trust ● Tax Credit Shelter Trust ● Pet Trust ● Miller Trust ● Real Property Trust ● Special Needs Trust ● Irrevocable Trust

Are there individuals who may not need a Trust or have assets that cannot be in a Trust?

We have found that some individuals do not require or need a Trust, depending on several factors, including the value and type of assets. In said situations, we are able to provide other estate planning to bypass probate and still cover your specific desires. However, all individuals and couples need some planning, including a HCPOA, MCPOA, FPOA, Living Will, a Last Will and Testament, and other non-probate estate planning tools. Consult our team to determine whether a Trust or other estate planning tools are appropriate for you.

You may have additional assets that may not be titled in or involved with a Trust, including vehicles, boats, airplanes, life insurance policies, 401(k) plans, 403(b) plans, IRAs, annuities, and other tax-deferred or qualified plans. We have the experience and knowledge to provide counsel to handle these issues, including the proper designation of beneficiaries and titling of assets.

What are some other concerns or issues to be covered in your estate plan?

We offer expert and knowledgeable guidance to help you craft the appropriate estate planning strategies tailored to your objectives. We provide decades of experience providing simple to complex estate plans, including many concerns regarding the following:

• minor children • estate tax implications • special needs • disabled adult children • charitable causes • asset protection • substance abuse

• transfer of family business • spendthrift protections

How can we help?

While it may be tempting to utilize online forms or undertake your estate planning on your own, however, it is advisable to speak with a professional and experienced team that can assist you. An attorney can evaluate your individual, family, financial, social, and other factors and circumstances to tailor the most effective estate plan for your needs. We provide a complementary consultation either in person, via zoom, or via telephone. Further, we provide complimentary estate planning review, as an estate plan is never a one-and-done thing as laws and your circumstances change. Reach out to our estate planning law firm today to connect with experienced professionals who can address your specific needs.

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Individual Trust

Couple's Trust

Pet Trust

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Frequently asked questions

Do I still need a Will if I have a Trust?

Yes, having both a living Trust and a Will is often recommended. While a living Trust helps avoid probate and manage your assets during incapacity, a Will is necessary for matters that may be inadvertently left out of your Trust. A specific Will, known as a "pour-over" Last Will and Testament can also direct any assets not transferred to the Trust into the trust after your death.

Can I change or revoke my Trust once it's set up?

Yes, a revocable living Trust can be changed or revoked at any time while you're alive and as long as you're mentally competent. You can add or remove assets, change beneficiaries, or even dissolve the trust entirely if your needs or wishes change.

Who manages the Trust after I die?

When you create a Trust, you appoint successor Trustees whom you trust to manage the Trust and assets after your death or incapacity. The individuals can be a family members, friends, or professional trustees (like an advisor or CPA).

Are there any tax benefits to a Trust?

A revocable living Trust does not provide any immediate tax benefits, as it is considered your property while you're alive. However, it can simplify the estate administration process, potentially reducing estate administration costs and delays. If you want tax-saving benefits, you would need to set up an irrevocable trust or other estate planning tools.

Can a Trust protect my assets from creditors or lawsuits?

No, a revocable living Trust does not protect your assets from creditors or lawsuits while you're alive, as you still control the assets. However, once the assets are distributed to your beneficiaries after your death, they may be more protected depending on the type of trust you have and state laws.

Do I need to transfer most of my assets to a Trust?

For a living trust to be fully effective, you need to transfer most of your assets—like bank accounts, real estate, investments, and life insurance policies—into the Trust, or name the Trust as a beneficiary. If some assets are left out, they may still need to go through probate. However, certain assets often need separate planning strategies, including the proper designation of beneficiaries (such as 401k's, IRA's, 403(b)s, Annuities, tax-deferred and qualified accounts).