Wills and Trusts are valuable and necessary planning tools created to protect your family, your legacy, and your assets and to ensure your wishes are carried out after your death.
Unfortunately many people procrastinate creating their Will or Trust, forcing their estates into expensive Probate, costly estate taxes, and other calamities. Because of poor planning, all too often an estate can shrink to half of its original value.
Today, having only a Will can have many limitations, yet many people still believe this tool is all that is required to dispose of their estate. Unfortunately a Will is only “instructions to the probate court” and it does not offer an alternative to court. Attorneys’ fees can consume much of one’s estate as the Court goes through the process of evaluating the validity of the Will, the intent of the party writing the Will, and the change of ownership requests.
In the last 15 years, the IRS has simplified rules for owning and managing Trusts and they now they can be seamlessly established and managed. They allow you to remain the owner and retain control of all your assets and can provide for surviving spouses and your children and they defer all taxes that may be owed until after the death of the survivor. Proper trust planning can save substantial estate taxes and a Trust is not just instructions to the Court, instead it is instructions to the person you appoint as trustee to carry out your wishes after death and it prevents Probate from occurring.
If you've been putting off the important work of creating a Will or Trust, we urge you to contact us immediately. Our highly experienced Estate Planning Attorneys know how to effectively structure these legal documents to ensure your family, your legacy and your assets are protected and your wishes are carried out upon your passing.
DISCLAIMER. The information on this site is not, nor is it intended to be, legal advice. You should formally consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Please be advised, however, contacting us, submitting a case to us, and/or discussing your case with us does NOT create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.