As you consider estate planning, you will be faced with many issues and options; including some that you may not be aware of. That’s where we can help to determine what is most appropriate for your specific personal and financial situation.
A will is probably the first thing that you think of when starting your estate planning, and it should be. Legally stating your wishes for the distribution of each part of your estate is that first step. But a living will, power of attorney, guardianship, conservatorship and management of your real estate are other important components.
Trusts are a good option to consider for tax reduction purposes during your estate planning. Two common trust types are revocable and irrevocable, and one may be more helpful to you than the other, or both may be used.
A revocable or “living” trust may be a good option for passing your assets to your heirs and beneficiaries. You can serve as the trustee of your living trust and manage the properties you place in it. It is important to note that a revocable living trust does not need to be permanent; you are allowed to change your mind. Your revocable trust can also include a comprehensive disability plan should you become unable to manage your estate.
An irrevocable trust sets aside your assets for your beneficiaries and removes the management from your hands. This provides protection from creditors and reduces the size of your estate for tax purposes.
There are other trusts as well, such as a homestead declaration, charitable trusts, and realty trusts that may be useful in your estate planning.
We will work with you to thoroughly understand your specific personal needs and wishes, as we know that each individual is unique. Give us a call or contact us online to start or review and continue your future planning.