 Family Estate Planning Special
Two (2) Wills (one for the husband, one for the wife)*
Two Health Care Proxy's (Living Wills)
Two Durable Powers of Attorney
All for only $500.00**
865-357-1949
*We will gladly make adjustments for non-traditional families - for single parent households, we charge $350.00**
**This Price is only for plans that do not need tax planning or that include seperate trusts, business entities, or more advanced estate planning. Please inquire about these services.
Elements of a Basic Estate Plan
The building blocks of a basic estate plan for the typical household include:
A Will for each parent
A Health Care Proxy - sometimes known as a living will
A Durable Power of Attorney
Starting with the last, a durable power of attorney springs into action only if one spouse is found to be incompetent for any reason - for example, in a coma after a care wreck. It allows the competent spouse to handle all financial matters for the incompetent spouse. Usually, it does not come into effect unless there is some cause - a doctor declares the spouse incompetent - so it is often referred to as a "springing" power of attorney.
A Health Care Proxy or Living Will instructs medical care providers concerning your wishes if you are unable, due to incapacity to explain them yourself. I usually deals with your preferences concerning life support equipment and organ donation and speaks for you when you cannot speak for yourself.
Your will instructs everyone concerning your wishes for the distribution of your estate assets. A will can include a provision to set up a trust for the benefit of minor children.
Each of these are necessary components for the basic estate plan. After that, if your estate is more involved, then we will discuss tax planning strategies, strategies for passing on assets, and asset protection planning, which can include planning for elder care. Don't wait, is the best advice I can give you. Get it done now, before you need it in place and its not there.
Why Plan Your Estate?
Estate and asset protection planning can provide solutions to the following types of concerns:
How will I avoid the cost and inconvenience of probate for my spouse and children?
There are many ways to avoid probate: outright gifts while you are alive, joint tenancy accounts, pay on death accounts, and life insurance, just to mention a few. For many clients, a successful solution is a revocable trust, often referred to as a "living" trust. However, there are situations that may require other solutions that might necessitate moving assets out of your name. Before you decide on one particular strategy, it is in your best interest, and in the best interests of your heirs, to learn about the choices and discuss them with an attorney. We are happy to review your situation and recommend the best course of action for your particular needs.
If I can't make legal, financial, or healthcare decisions for myself, how can I be sure my wishes are carried out?
Again, a revocable trust may provide the answer. In addition, every client needs a durable power of attorney and a health care proxy appointing a trusted individual to make financial and health care
decisions for you when you no longer can yourself.
How can I make sure my wealth and possessions end up in the right hands when I'm gone?
Wills and trusts are vehicles for passing on your assets to those you choose. Many clients are concerned about funds they leave to their children being at risk of their children's creditors, spouses upondivorce, or simply bad decisions their children may make. For them, a family protection trust can provide the protection they seek. Inaddition, proper planning will prevent the payment of unavoidable estate taxes upon your death.
My spouse needs more care than I can give. Will we lose everything to pay for care, or are there options?
Not if you plan properly, the earlier, the better. There are a number of planning options available to spouses of nursing home residents to protect their financial well-being while qualifying their ill spousefor MassHealth coverage of nursing home fees.
My child is disabled. How can I provide for her future?
We are dedicated to helping parents of children with special needs plan for their children through the creation of a special needs trusts. We will assit you in making the right choices, design the trust for you, and advise you on funding the trust. We will also help you develop a Life Plan for your child.
What legacy will I leave?
Your greatest legacy of course is the children and grandchildren you raise, if any, and the memories you leave with your family, friends,and work colleagues. However, support of charities and an estate planthat provides for your family and smoothly passes on what you leave behind will also contribute greatly to the legacy you leave and yourfamily's welfare for decades to come.
Why should an individual plan for the transfer of his or her assetsat death?
Many individuals fear death and therefore are reluctant to plan for the transfer of their assets at their death. Too many individuals leave no wills, make no lifetime transfers either to save currently on their income taxes or on the taxes ultimately to be paid by their estates, and fail to concern themselves with how those they love will carry on after their deaths. Individuals who die without a will permit the laws of the state of their domiciles to determine the distribution of their assets. Allowing state law to determine the distribution of one's assets is generally an uneconomical method of distributing an estate and very often results in an inequitable distribution of assets.
Estate planning can result in large reductions in taxes and can ensurethat assets are distributed in accordance with an individual'spreferences, often at a modest cost in relation to the benefits. But there are pitfalls. The process of planning for the disposition of one's estate — the drawing up of a will and having it undergo the probate process or relying on alternative means of disposing of assets on death, such as living trusts or joint tenancies often raises difficult questions. Attention must be paid to these questions. For example, joint tenancies and revocable trusts, though often used, have disadvantages. These pitfalls should not stop you from planning your estate, but you should be careful. You should inform yourself and you should pick your advisors carefully.
Additionally, thoughtful planning while you are alive will help you protect your estate and preserve your wealth for both you and your family. We can show you how to benefit your favorite charity or provide for your church while you are alive and receive income and a tax benefit.
Finally, you must give careful thought to preserving your assets. This can be accomplished through the use of trusts, family limited partnerships or limited liablity companies, offshore trusts and offshore business entities.
Estate asset protection planning, then, gives an individual an opportunity to help his or her loved ones. It can be very effective. The trick is to avoid the pitfalls that sometimes cause estate and asset protection plans to go awry.
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