ESTATE & TRUST PLANNING AND ADMINISTRATION
When it comes to estate and trust planning and administration, we are proud to have provided our clients with thirty-two (32) years of legal experience in order to assist them in achieving their estate and trust planning goals, both pre-death and after death. Our basic services include the preparation of Last Wills and Testaments, Financial Durable Power of Attorney forms and Health Care Power of Attorney forms and Living Wills, which are the basic documents that every individual needs and should keep up to date, as needed from time to time. In addition, many clients desire to ensure that their loved ones are protected from themselves and others with respect to managing the monies they receive from their loved ones and we design trusts dedicated to achieving our client’s goals and objectives while minimizing taxes. For example, even in a basic estate plan, where assets may go to grandchildren in the event that a child predeceases a parent, we recommend that a trust be established for the grandchild to hold their assets until they reach a responsible age, typically age thirty. In the interim, the trustee, who the client selects, would have the ability to distribute trust income and assets to the beneficiary for health, education, maintenance and support. When the beneficiary reaches a responsible age, again, typically age thirty, the beneficiary will be entitled to whatever remains in their trust fund, free of trust. In some instances, it makes since to hold a beneficiary’s assets in trust for their lifetime, especially if they are not fully competent or are susceptible to undue influences, such as drugs, alcohol and gambling addiction. We also prepare special needs trusts, for handicapped individuals which are designed to provide assets when they are needed to provide for the individual’s special needs, while maintaining their eligibility for government provided assistance, such as SSI, Medicaid and other governmental benefits. Finally, trusts are also an ideal estate tax savings tool for wealthy clients, those currently with a net worth exceeding $5,450.000 for 2017.