Wills & Trusts
Using documents time-tested for over 20 years, I can put together a plan to best suit your needs with minimal financial impact. In most cases, no probate is needed. Every set of documents includes durable powers of attorney for health care and financial matters. These two extremely important documents are two documents that actually work for you while you are still alive. Every estate plan should include these.
Everyone needs a plan in place. Unfortunately, it doesn't always happen before the need arises. Here are just a few reasons to think about estate planning now:
- If you have minor children, unless you have a legally valid will in place nominating the legal guardian, your children may not be placed with the person you choose, regardless of whether you have discussed the matter with your family. Further, if you don't have a plan in place, a conservator must be appointed for those minor children. This can cost your estate close to $10,000, money that would be better used for the benefit of your minor children.
- If you have children from a previous marriage or relationship, your current spouse will lose half of your joint assets. If those children are minors, your spouse will lose those assets to your ex-spouse.
- If your estate exceeds the applicable exclusion amount ($3.5 million this year), no tax planning can occur without proper documents in place prior to your death. This cannot be fixed. You risk losing up to half your assets above the exempt amount. Even estates slightly above the exempt amount will lose hundred of thousands of dollars.
The right plan for you may be a simple will to protect your minor children, or you may need a more complicated generation-skipping trust. After we jointly determine the right plan for you, I charge a flat fee, so you know up front what my services will cost.
