Estate planning is the area of law relating to planning for the inevitability of death. The purpose is to make a plan to take care of the people you love after your death. Having an estate plan is vital to maximize the value of your estate by reducing taxes and other expenses when you die. If you are married or in any other committed relationship, estate planning is about leaving a financial cushion for your spouse or partner. It also includes providing for children or less fortunate family members.
Many people believe they don’t need estate planning because they think they don’t have an estate. Or they think the value of their estate is not great enough or worth it. If you own something of value that you would pass on to someone else upon your death, you have an estate. If you do not create an estate plan upon your death your estate will go into probate of the state in which you live. Probate has a standard method upon which they distribute your assets, pay your debts, and pay your taxes. Unless you have a will, Probate Court will not take into account your wishes of how you want your estate distributed. From preparing a simple will to a complex trust agreement The LoConti Law Group, can help.
We can assist with;
- powers of attorney
- health care proxies
- irrevocable trusts to preserve assets for children and other family members
- revocable living trusts that reduce or eliminate the need for probate after death
- petitions for court-supervised guardianship’s