ESTATE PLANNING
Each of us have an estate plan even if we have not given it any thought or taken any action. The Internal Revenue Service (“IRS”) and state law provides default rules about who should be in charge, how assets should be divided and the tax consequences at death.
Most of us don't want to rely on the default set of rules working for our unique family, business and financial goals. Instead, many will choose to make these decisions themselves proactively by engaging in some form of estate planning.
Estate Planning is using the legal tools we have available to protect what we have worked so hard to get, create a meaningful legacy, and set up loved ones for success. It's not just about signing documents.
At VanNess Law PLLC, we take a comprehensive approach.
Estate Planning with VanNess Law PLLC includes:
- Planning for disability;
- Planning for death and the distribution of assets;
- The minimization of taxes including income, estate, gift and generation-skipping transfer tax; and
- Protecting assets from lawsuits, divorce and bankruptcy for both the client and the beneficiaries.
VanNess Law PLLC is here to help you and your family plan for and deal with circumstances known far too familiar by those at VanNess Law PLLC. We take pride in customizing estate plans specifically for your goals to provide certainty to you and your family.
Thankfully there are many legal tools and mechanisms to reduce the burden, time and costs if you are disabled or die.
The tools we use include:
- Wills;
- Revocable Trusts;
- Irrevocable Trusts;
- Powers of Attorney;
- Health Care Advanced Directives;
- Living Wills;
- Preneed Guardians; and
- Enhanced Life Estate (Ladybird) Deeds.
When dealing with the turmoil of losing someone you love, not only can you avoid tremendous time and stress, but if proper planning is done, you can provide tremendous benefits to your loved ones.
These benefits include reducing taxes and protecting your beneficiaries against lawsuits and divorce. Your beneficiaries will thank you for seeking the guidance of an experienced estate planning attorney.
Please contact VanNess Law PLLC to start the estate planning process today and request your free guide to estate and wealth preservation planning.
Please click HERE for a glossary of important terms related to estate planning.
Disability Planning
Longevity brings issues of health, medical care, housing, finances and the personal dignity of the older citizen, to name a few.
There are legal tools available to assist in coping with disability and to make your wishes known, but these tools must be set in place while you are legally competent, to ensure that your intentions will be recognized and implemented at a point in time when you are incapable of doing so yourself.
Last Will and Testament
A last will & testament (or will) can be used to serve as instructions to the probate court regarding the distributions of an individual’s assets and may appoint a personal representative (also known as an executor) to handle the probate process.
A will may also be used to designate guardians for minor children.
Revocable Trust
A revocable trust (also known as a “revocable living trust”) may be created by an individual during his or her lifetime by way of an agreement.
Typically, this agreement is revocable and can be changed or amended by the creator of the trust at any time. Then, upon the death of the creator, the terms of the trust generally cause it to become irrevocable and thereafter, it cannot be changed or amended.
