Read our Q & A to get general information about many estate planning issues.
Contact us to schedule a private consultation to address your particular situation.
Q: Why have a Will?
A: With a Will you decide how your assets are distributed after your
death, and who will be in charge of administering your estate. Without a will the state legislature
has decided these things for you. Using a Will you may obtain tax advantages which have the effect of preserving
or enhancing the value of your estate.
Q.
I have a Will already. Why would I want a Trust?
A. There
are many things a trust can do that a Will cannot accomplish, unless the Will incorporates the use of one or more trusts.
Trusts are very useful during life and after death. The flexibility of a trust makes it ideal for a wide range of individuals
and purposes when a will alone cannot accomplish the client's goals.
Summary
of Trust Purposes
A trust can include many different provisions to accommodate
one or more objectives, including:
Provide a structured way to administer your
personal and financial affairs during your life, especially if you become incapacitated.
Carry
out your choice of trustees and successor trustees to administer your trust.
Provide
a protected way to administer your assets for a surviving spouse, and in a tax-advantaged manner and to protect the assets
upon a remarriage.
Ensure the orderly and private transfer of your property after
your death, and after the death of your surviving spouse or partner.
Protect and
manage assets for the benefit of, and provide support for, your children, grandchildren, and other beneficiaries until they
reach the ages or meet conditions that you determine for distribution.
Create
incentives for desirable behavior and accomplishments by your beneficiaries-or disincentives for undesirable behavior.
Ensure the transfer of property in a way that takes advantage of the available federal and state tax
exemptions.
Provide for the support of an elderly surviving spouse, partner, parent,
disabled child, or other person with protection from Medicaid disqualification or reimbursement.
Pay
for a loved one's education.
Pay for a loved one's health and medical
care.
Avoid probate costs and inconvenience.
Avoid
publicity with probate.
Make tax-advantaged gifts to children or others.
Make tax-advantaged generation-skipping gifts to grandchildren or others.
Q: Should I have a Living Will?
A: Yes! If you have a traumatic illness or accident that renders
you unable to communicate then health care professionals have little choice in how to treat you. An "Advance Health
Care Directive," commonly known as a Living Will, makes clear to your family, friends, and the medical establishment
what type of treatment you want or do not want in such an event. A Living Will helps assure your wishes are followed
and brings peace of mind to your loved-ones.