Estate Planning

A will, also known as a last will & testament, is a legal document designating how you want your estate to be managed after you die, including who should your property, how should your debts and last expenses be handled, who should care for your minor children, and who should have the authority to handle your affairs after your death. The consequences of not having a valid will in place before you die can result in your property going to someone you didn’t intend for, or your children being placed in the care of someone other the people you trust most. A carefully crafted will can ensure that your loved ones and property are cared for after you’re gone.  

It’s in the name – a trust is a legal document that places the authority and duty to manage your property in a trusted individual or organization for the benefit of someone else. Through a trust, you can create a plan where yourself, your loved ones, and/or the charitable causes you care about, can benefit from your success during your lifetime and after you’re gone. Trusts can be simple or very complicated, and can be used for many different purposes, such as long-term wealth planning, tax planning, and probate avoidance. Whether a trust is right for you depends on a variety of circumstances, which is why consulting with a knowledgeable attorney can help you put together an estate plan that helps you achieve your goals.

Through a financial or healthcare power of attorney, you can designate an individual to be authorized to make your financial or healthcare decisions if you are unable to. If you become incapacitated due to illness, injury, or old age, your designated attorney-in-fact will be able to step in and handle your affairs for your benefit while you’re unable to do so yourself. Without a valid power of attorney in place, your loved ones will be forced to go to court to have someone appointed as a guardian or conservator to ensure your financial and healthcare needs are met.

An advance directive, frequently called a living will, allows you to tell your healthcare providers and loved ones about your end-of-life decisions. Through an advance directive, you have the ability to say whether or not you want your life artificially prolonged if you are no longer able to express that yourself.

Estate tax planning is the implementation of various strategies and tools to minimize the impact estate tax can have on your family after you’re gone. The federal government, along with many states, have the authority to impose a tax on your property when you die. Under federal law, the threshold level that your estate must be worth before any estate tax will be imposed is high – your estate can be worth $12.06 million in 2022 before our estate will be subject to estate tax. Frequently, states have a lower threshold amount for when estate tax will apply.