The purpose of estate planning is to properly plan for your own disability or death. Without you making your own choices the state will make choices for you. Those choices will probably be significantly different from your own. By thinking ahead and executing properly drafted legal documents, you can avoid court or governmental intervention.

Your estate plan will depend upon your particular circumstances. In addition to your goals and wishes, you should also consider your family and its needs, as well as the nature and extent of your property.

You will need to answer a number of important questions. You will determine the manner in which the property will be distributed. Depending on your circumstances you will also determine:

q       Who will administer your estate after your death;

q       Who will be the guardian of your children;

q       How federal estate taxes and other taxes can be minimized;

q       How your executor or trustee will pay for death taxes if any are due;

q       How you and your spouse should hold title to assets;

q       Who will take care of you if you cannot do it yourself;

q       Who will manage your estate if you cannot do it yourself;

q       Who will receive the proceeds of your insurance and retirement benefits?

The effects of these decisions are too important to leave them up to the courts.

Our approach to estate planning is to help you control your property while you are alive, allow my assets to be able to take care of me and my loved ones if I become disabled, allow you to whom you want, in precisely the way you want, control when your heirs receive property from you and save every tax dollar possible and avoid or reduce legal fees and court costs.

A basic trust centered estate plan includes a revocable living trust, pour-over will, special power of attorney, trust affidavit, living will, health care power of attorney, memorial instructions.

Depending on the size of the estate, a complete plan might also include generation-skipping tax provisions, charitable remainder trusts, charitable lead trusts, irrevocable life-insurance trusts, family limited partnerships, limited liability companies, S corporations, and offshore trusts, all of which will need to be customized to fit your family's particular needs.

Dying Intestate

Unfortunately, many people do not have a will or a trust that will identify their intent and desires after their death. Some give little or no thought to the consequences of their demise. Others—who actually realize the importance of estate planning, think that they can wait to prepare their estate plan until later. However, if they die prematurely, they can leave their loved ones unprotected. The importance of having a solid estate plan in effect sooner than later cannot be stressed enough. The consequences of procrastination can be financially devastating.

Estate Planning is vital for everyone no matter what your level of income, net worth or other family circumstances. Without a proper estate plan, you could be leaving your children or loved ones with unnecessary fees and taxes, a reduced inheritance and possibly a delayed distribution of your estate.

The distribution of your estate may fall under your state’s intestate succession statutes. They may not necessarily distribute the estate according to your wishes. For example, in some states the estate could be split up between the spouse and the children allowing only a share of the estate to go to the spouse. Furthermore, the laws in some states only allow for the inheritance of property to the bloodline and not to companions, friends or your significant other. In addition, if you have minor children, the courts may control the inheritance and appoint a guardian for your children.

If your estate is small, your estate planning may only focus upon who will receive your property after death. However, if you have a large estate, you will need to think not only about who will receive your assets, but you will also need to think of ways to preserve your estate for your heirs.