Estate Planning

Understandably, most people (myself included) do not particularly like contemplating their death. They do, however, want to contemplate it enough to be able to implement well-crafted plans for disposing of their assets (i.e., their estate) and caring for their loved ones. I can assist you in this process by working with you to develop a plan that addresses both end-of-life and post-death concerns. This process includes, of course, my assistance in creating the documents that are necessary to implement your custom-tailored plan, such as powers of attorney (for healthcare or otherwise), trusts and wills.

Aside from who gets what and who cares for whom, estate planning also involves many tax-related considerations. For example, some people assume that establishing a trust somehow avoids tax. The reality, however, is that although a trust can often avoid help to avoid the probate process, it will not reduce tax liability unless it is set up properly. Similarly, in crafting a proper estate plan, it is important to understand the relationship between gift tax and estate tax. Gift tax can apply to a person that gives gifts that exceed the annual exclusion (approximately $14,000) or the lifetime applicable exclusion amount. Correspondingly, those excess gifts can reduce the size of the estate that is shielded from estate tax liability. Hence, it is helpful to have estate plans for certain large estates that contemplate what will be given before and after death.

These considerations are obviously very important, and I would be happy to have the opportunity to discuss them with you further. Please do not hesitate to contact me to set up a complimentary initial consultation.