Having a comprehensive estate plan is important because it allows you to make sure your assets will be distributed to your loved ones after your death. The estate plan can also protect minor dependants, protect assets from creditors, reduce tax liability, avoid probate and create a legacy for future generations. We will work with you to create an estate plan that will accomplish the goals most important to you.
A basic estate plan consists of:
Last Will and Testament
Durable Power of Attorney
Health Care Proxy
Declaration of Homestead
Revocable and Irrevocable Trusts:
A Trust is a fiduciary arrangement that allows a third party (Trustee) to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries. Trusts are usually set up to bypass the need for any probate action. Trusts can be created to meet any need or goals you may have whether it be asset protection, tax reduction or creating a legacy. There are many types of trusts which can be tailored to meet your needs. The follwoing ar a few types of trusts we used to meet your goals.
Asset Protection Trust
Special Needs Trust
Life Insurance Trust
Generation Skipping Trust
Estate plans can be created by a Will, a Trust or a combination of both. Further, if not done correctly, your plan may be void or have even worse not have the effect you want it to. Our attorneys are trained to determine whether your current estate plan fits your needs. If not, our attorneys can formulate a plan that is best suited for your current and future needs. P&P Law's attorneys are up to date on current estate taxes. So whether you are a new homeowner, a new parent or planning for retirement, our attorneys can devise an estate plan that is tailored to your individual needs.
Call or email us today to schedule your estate plan review.
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