Legal Services

An entity created for you to manage and control your assets during your lifetime, but which also provides the most effective and comprehensive mechanism to:

• Avoid expensive and time-consuming probate proceedings in the event of death while maintaining total management and control of assets;
• Avoid expensive and time-consuming conservatorship proceedings (court appointment of individuals to manage your finances) in the event of incapacity.
• Ensure that your family has immediate access to your assets upon death without the delay of intestacy or probate proceeding which can tie assets up for months, occasionally years;
• Ensure privacy in the distribution of your estate.
• Significantly reduces the risk of a challenge to estate distribution;
• Avoid the need for multiple probate proceedings. Probate is required in the state of domicile of the deceased as well as wherever real estate is located;
• May provide some protection from creditors and long-term care expenses;
• Can provide long-term financial security for your beneficiaries;
• Can provide significant sheltering opportunities from transfer taxes imposed at death. These advantages can be realized for multiple generations.

Testamentary trusts come into existence after death, unlike revocable living trusts which come into existence before death. They are typically used to allow a competent individual or institution to manage and distribute assets for the benefit of minor, immature, or incompetent individuals until they are able to competently manage their own finances. A testamentary trust can also be designated as a beneficiary of life insurance proceeds or retirement accounts to ensure that substantial sums of money can provide for the health, education, maintenance and support of your beneficiaries.

The rules governing the Trustee who manages the trust are typically included in your Last Will and Testament. You can dictate the manner and time at which funds are to be distributed. Trusts can be used to ensure long-term financial security for your beneficiaries through properly drafted distribution provisions. Trusts are also a source of asset protection from divorces, lawsuits, bankruptcies, and long-term care expenses.

Without any special planning to avoid federal estate tax an individual can shelter $11.2 million in assets from these taxes. With the use of a tax election referenced as “portability” couples who do proper planning double that exemption. A couple can exclude $22.4 million for 2018. There is a sunset provision in 2025, meaning that without further Congressional action, the exemption amount would revert to $5 million per person, indexed.

Legal document that dictates who will handle your estate when you pass, who will receive the benefit of your estate when you pass, and how. It may also be the document that nominates a guardian to care for your minor children when you pass. Note that Wills do not avoid probate proceedings upon death.

Financial powers of attorney enable the agent that you have nominated to manage your assets, legal affairs, and financial decision making in the event of your unavailability or incapacity. Financial powers of attorney can be written to broadly to cover many unanticipated scenarios. They can also be narrowly written to enable an agent to deal with specific personal matters. A well-drafted broad financial power of attorney will enable your agent named in the document to contract on your behalf, apply for government benefits which you would be eligible for, engage in nursing home expense planning, deal with the IRS on your behalf, pursue any claims or litigation that you may have an interest in, and handle your assets in general. A financial agent has a fiduciary duty to act in your best interests.

Medical powers of attorney enable the agent named in the document to make medical decisions on your behalf in the event of your incapacity.

Both documents are necessary to avoid court proceedings to have a guardian and/or conservator appointed if you experience an incapacitating medical event.

A “living will” is a document wherein you specify the circumstances under which you do not want your life artificially extended by the use of life-sustaining procedures or substances and therefore be allowed to die in the normal course of events.

The purpose of this document is to decide for yourself if and when life support is to be removed when there is no hope for recovery. The living will give comfort to family members as it enables them to avoid the painful decision of ending life.