Having a will is one of the simplest ways to provide direction concerning the distribution of your estate. Preparing a will can also prove cost-effective. And in a will, you can make provisions as to who will serve as guardian to the children in the event of a parents’ death.
Wills containing trusts are a powerful estate planning tool. Our “credit shelter” trusts help to minimize state and federal estate taxes and provide for ongoing asset management. Trust wills can also be utilized to meet the educational, medical and daily living needs of minor children and disabled family members. It is also an asset management tool for protecting the surviving spouse.
Revocable Living Trusts
Living trusts are an excellent means to maintain family privacy, avoid the costs of probate proceedings, and provide for ongoing asset management in the event of disability. Like our trust wills, living trusts can often significantly minimize state and federal estate taxes.
Creation Of Charitable Trusts
A charitable trust can provide benefits when it comes to creating a greater cash flow. It allows donors to rid themselves of an appreciated asset while also contributing to a charitable cause.
Personal Residence Trusts
For those who own their own home or vacation property, it is often convenient to pass on such property through the use of a personal residence trust. Such a trust allows you to limit the property’s value in certain instances. Otherwise, appreciation of the house or vacation home may result in you paying more in estate taxes.
Succession Planning for the Closely Held and Family Business
Unfortunately, it is common for family-owned businesses to close due to the owner’s death – instead of being passed on to the next generation. Succession planning often prevents this from occurring. Our attorneys can work with you in preparing a succession plan that will minimize taxation and expense when passing a business on.
Estate Planning for the Larger Estate
Larger estates require special estate planning services. ILIT’s, FLP’s, FLLC’s, GRITS, GRATS, GRUTS, SCINS, and gifting programs are just some of the techniques available to reduce estate taxes and transfer assets. Our years of experience with high wealth clients enable us to handle even the most complex estate planning issues.