If you are concerned about your estate and the future security of your loved ones, then you should consider doing an estate plan. Our estate planning packages can help you avoid probate, minimize potential federal and state estate taxes, as well as, embody your wishes as to:

• Who will inherit your estate;
• Who will care for your children; and
• Who will handle your finances and make medical decisions for you if you are unable to do so.

Because the only time you can prepare and execute your estate plan is while you are alive and have legal capacity, you should do an estate plan now. If you become unable to manage your affairs or suffer from a disability that may impact your ability to manage your affairs, you run the risk of your wishes being challenged and not being carried out to your satisfaction.

A will is a good start. However, while a will states who you want to inherit your estate, it does not avoid probate, which can take 6 months to a year or longer and can be very costly. In addition, the will does not give anyone the ability to act on your behalf to make financial and medical decisions, if you are incapacitated and unable to make decisions for yourself.

A will allows you to leave your real and personal property to specific people (i.e. “my niece, Katherine”), or to a group of people (i.e. “my children”). A will most importantly is the only place where you can name a guardian for your minor children.

A Revocable or Living Trust is recommended to almost all of our clients. Like a Will, it lists who you want to inherit your estate by listing specific bequests or leaving your estate to a general group of people. Unlike a Will, however, any assets contained in your Trust will avoid probate, thereby passing to your heirs without the cost or hold up of the probate process. A Revocable Trust is also used to limit or eliminate the need for your heirs to pay estate tax on the assets they inherit. It allows you to control when and how young children will take possession of their inheritance providing Trustee oversight until the child reaches a mature age. Finally, it protects the trust assets from creditors, divorcing spouses and lawsuits.

A Durable Power of Attorney is a document that allows the person you chose to make financial decisions on your behalf. You do not need to be incapacitated for the document to take effect. However, it can be set up so that it springs into effect only if you become incapacitated. A Durable Power of Attorney avoids the need to have a Guardian appointed for you if you are unable to make decisions for yourself.

A Health Care Power of Attorney and Living Will allows the person you choose to make decisions regarding your Health Care if you are unable to do so. They allow the person you choose to speak with your doctors, hospitals and health insurance companies regarding your treatment and care. They also state your wishes regarding life support, feeding tubes, and organ donation.

The Medicaid Package is designed for people in their 60s and 70s who do not have long-term care insurance and who want to qualify for Medicaid, if they need to enter into a nursing home. Through the use of different trusts, we can protect various assets that you may have including, your primary residence, investment property, and bank accounts. Not all assets can be protected and there is a 5 year waiting period from when your property is transferred into the trust to when you can qualify for Medicaid.

A Special Needs Trust is a trust that will allow your disabled child to inherit your estate without compromising the State or Federal benefits he or she is currently receiving.

If your child has a disability and is receiving benefits from the state or federal government, you should have a Special Needs Trust. You can then place money in the Trust for their benefit without effecting their benefits.