| 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
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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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