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Estate Planning & Trusts
 
 
 
Our attorneys specialize in estate planning, asset protection, and wealth transfer particularly when combined with small or family owned business entities. The following instruments together with limited partnerships and limited liability companies are utilized to achieve the client’s specific objectives, to best protect assets, and to provide for beneficiaries:
 
1) POUR-OVER WILL
  • An abbreviated Will used in conjunction with a Revocable Living Trust
  • Transfers assets not titled to the trust into the Trust on the Testator’s death
  • Parents can designate a permanent guardian for minor children
 
2) REVOCABLE LIVING TRUST
  • The Grantor places assets in trust for the benefit of others
  • The Trust is managed by a trustee appointed by the Grantor
  • The Grantor can be the trustee and/or a beneficiary of the trust
  • Provides for distribution of assets to heirs and beneficiaries
  • Avoids probate if all assets are titled to the trust prior to death
  • Grantor may amend or terminate a Revocable Trust at any time
  • Assets in trust are not protected from the Grantor’s creditors
  • Does not eliminate federal estate taxes or state inheritance taxes
  • Assets conveyed receive a “step-up in basis” to avoid capital gains
  • Homestead Exemption is not lost when title is transferred to a trust
  • Transfer of real estate to a trust does not trigger a mortgage due on sale clause
 
 
 
 
 
 
 
3) IRREVOCABLE TRUST
  • Grantor places assets in trust for the benefit of others
  • The Trust is managed by a trustee appointed by the Grantor
  • The Trust is managed by a trustee appointed by the Grantor
  • Provides for distribution of assets to heirs and beneficiaries
  • Avoids probate if all assets are titled to the trust prior to death
  • Grantor generally may not amend or revoke an Irrevocable Trust
  • Assets in trust cannot easily be reached by Grantor’s creditors
  • Assets in trust are generally not taxed on the death of the Grantor
  • Language of the trust controls if there is a “step-up in basis” of assets
 
4) GENERAL DURABLE POWER OF ATTORNEY
  • Appoints and authorizes an Attorney in Fact to manage finances
  • Can grant and authorize various other powers to Attorney in Fact
 
5) ADVANCE HEALTHCARE DIRECTIVE
  • Appoints a Health Care Power of Attorney
  • Documents healthcare treatment instructions (Living Will)
 
6) STANDBY GUARDIANSHIP FOR MINOR CHILDREN
  • Designates a standby guardian for unforeseen circumstance other than death
  • Parents choose and define which “triggering events” will activate the guardianship
 
 
 
 
 
 
Let Us Know How We Can Help!

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