AREAS OF PRACTICE            

ESTATE PLANNING

Estate planning is a term that covers a very wide range of things. It includes deciding who is to receive your property after you die, who will be the guardian of your minor children, knowing the extent of your estate tax liability and positioning your property to minimize such tax, selecting someone to take care of your affairs if you become incapacitated, and giving directions with regard to life prolonging treatment. There are three basic estate planning documents I advise almost everyone to have:

Power of Attorney: A document in which you appoint someone else with the authority to take care of your affairs (e.g.,  pay bills, operate  a business, apply for social security). The power of attorney generally takes effect the moment you sign it and becomes void the moment you pass away.

Will: A document in which you dispose of your property and appoint various people to take care of your affairs after you pass away. The Will, for the most part, is meaningless during your lifetime, and becomes legally binding upon your death.

Advanced Directive: A document, usually either a Health Care Power of Attorney or Living Will, or both, in which you declare your desires with regard to your medical treatment, particularly life prolonging treatment.

By developing an estate plan, you will be able to provide for the future of your spouse and children, avoid estate taxes to a certain extent, and otherwise provide for the orderly disposition of your property upon your death. Wills, trusts, gifts, form of property ownership, and life insurance are all important components in the estate planning process and, if used properly, can accomplish the objectives you desire.

If you wish to have our firm handle your estate planning matters, feel free to complete our Estate Planning Worksheet and mail it to our office.

The information contained on this web site is not intended to be legal advice,
nor is it a substitute for obtaining legal advice from a licensed attorney.