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Estate Planning
 

  
    PROFESSIONAL SERVICES
  • Medicaid Planning
  • Disability Planning
  • Estate Planning
  • Probate & Administration
  • Conservatorships & Guardianships
  • Life Care Planning & Geriatric Care

An ounce of prevention is worth a pound of cure.  

In Estate Planning no truer words could be spoken. The quicker people prepare for retirement, declining healthcare and possible nursing home stays the better their situation will be.

The Elder Law Firm specializes in helping clients plan for the future. We offer a full range of advice and preparation of Will, Trust and Estate Planning.

The situation is different for each person and family. The first step in planning is to arrange an appointment with our firm. At the appointment a detailed statement of affairs will be taken confidentially.

Our staff will perform an in depth analysis of the your situation and consistent with your wishes and goals will make a recommendation.

Some of the matters considered in estate planning include the following:

A.    Last Will and Testament

For people desiring to retain control and use of their assets as long as possible a Will may be their best choice. A Will is a document signed by person (Testator) stating how their property is to be divided and naming someone (Executor/Executrix) to handled the Estate. With a Will the person can be assured their wishes will be followed and retain control of their property as long as possible.

When the Testator dies, the Executor/Executrix files the Will for probate with the Chancery Court and the Court will sees that the wishes of the Testator are followed. The Probate system is a fair way to assemble the assets of the Estate, pay legitimate Creditors of the Estate and distribute the assets to the beneficiaries’ lien free.

In a majority of Estate without unusual complications such as litigation between heirs the time required for Probate is five to six months from date of filing.

B.    Trust

Many people want to avoid the time, expense, family problems and delay involved in probating a will. The solution is a Living Trust which you create and name a trustee to handle the affairs to the trust. Usually the Creator of the trust serves as trustee and continues to handle affairs as before creation of the trust. When the creator dies (many times including husband and wife) the trust has named a successor trustee to handle the trust estate, terminates the trust and distributes the assets in the estate according to your directions. The creator may impose any conditions on the disbursement of the assets.

A trust works because title to your assets is transferred from your name into the name of the trust. This transfer is by bill of Sale for personal property and deeds for real property. For example the title is transferred to The Joe and Mary Smith Revocable Living Trust and the trust, not the individual owns the property. However, since the creator is also the trustee, he/she/they still control the handling of the assets until death or incapacity.

Another advantage of the trust is in the event of incapacity of the Creator(s), the successor trustee may take over handling the trust or business affairs thereby reducing the need of using the power of attorney. When the Creators pass away, since title to the assets is in the name of the trust, no probate is necessary and the successor trustee may distribute the assets to beneficiaries by bills of sale and land deeds.

Examples of trust used include:

Revocable Living Trust is popular and allows the creator to make any changes he/she may wish to make in the trust or assets. The Creator retains complete control of assets. This type of trust avoids the expense and delay of probate.
 
Irrevocable Living Trust is used for commonly for estate tax situations. This type of trust is limits the changes that may be made in it and in the assets. This is the reason it has estate tax benefits and may limit what the creator can do with the assets. The Elder Law Firm has access to some of the top estate tax specialist in order to take best advantage all estate tax benefits possible.

Special Needs Trust is a trust created for persons having special needs. This trust may be for young children or older adults. Many times it is used for children receiving governmental benefits and trust must be specially written and administered to help the special needs person with some expenses and protect the benefits received.
 
C.    Asset Protection
 
Many people are in need of protection of their assets after their death. This requires special preparation and planning. The Elder Law Firm will explore every legal means to protect your assets for your family upon death. No one person or entity can answer all tax questions. We use the best professionals available to assist in maximizing your estate situation.
 
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