Fundamental Estate Planning

Estate planning covers all aspects relating to the transfer of assets at death as well ensuring that assets can be properly managed for our clients’ benefit during any period of incapacity. 
In advising our clients regarding their estate planning options, we pay close attention to the clients’ desires for transferring their assets in a manner that is most in line with the unique goals they have for their particular families.  These goals may include protecting assets from a wayward child, ensuring that assets are preserved for third and fourth generations, leaving assets to charities and ensuring that precautions are put in place to minimize the eventual costs inherent in taxes and administration of an estate.
The vast majority of our clients receive maximum benefit from utilizing a trust-based estate plan, in which a revocable trust helps to protect an estate from our state’s lengthy and costly probate process and preserve a couple’s two available federal estate tax exemptions.  At the most basic level, proper estate planning also includes preparation of durable general powers of attorney and advance health care directives.  More advanced techniques include the utilization of irrevocable trusts, grantor retained annuity trusts (GRATs), qualified personal residence trusts (QPRTs), family limited partnerships (FLPs), charitable remainder trusts (CRTs), and irrevocable life insurance trusts (ILITs).   

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