Estate Planning

Estate Planning is not solely the province of the wealthy. It is not strictly planning to avoid or minimize estate taxes, though estate tax planning may be a component.

We view estate planning as the process of arranging your affairs, regardless of your level of wealth, for both during your life and upon your death. While some people are troubled by thinking they might suffer a temporary or permanent set back such as illness or are troubled by the prospect that they will one day die, such matters are a natural consequence of life. Preparing for these possibilities is the least we can do to make things easier for those who may be assisting us in the future.

As we grow up, mature, and age, our needs differ. We may be building wealth, have achieved wealth, or have consumed our wealth. We may have challenging family situations such as a disabled or impecunious family member. We must consider each of our situations and then, using the proper tools, construct a plan. And as our circumstances may change, we ought to review and perhaps revise our plans to ensure they continue to have the appropriate effect.

As a hammer and saw are tools used by a carpenter to construct a house, documents are the tools of an estate planner. As a number of different tools are used in carpentry, there are a number of documents used in estate planning. These typically may include a Will, a General Power of Attorney, a Living Will, a Power of Attorney for Health Care, and different flavors of Trusts. These may also include documents with respect to the disposition of your remains, and mental health care, and a consideration of methods of avoiding probate. For a better understanding of how the various tools may be best applied to your own situation, please contact us.