The Myths of Estate Planning
Sometimes there is a lot of hype and hysteria connected to talk about what can happen to your property after you die. Have you ever heard such things as "The government will decide who will get your property" Or "The lawyer fees in probate will kill you"? Well, I'll be glad to help you cut through all the smoke so you can understand how estate-succession works. Then we can create an estate-succession plan that fits your desires and needs. Estate-succession planning is really quite simple. It is all about three basic questions:
1.) Who will get your property?
2.) How will title to your property pass to those who will receive it? (Or in other words, how do you choose to have title pass to your heirs and are there any conditions you want to impose?)
3.) What kind of estate (federal) or inheritance (state) taxes will be due on the estate and are there ways to minimize such taxes?
Estate-succession planning is all about answering these questions and preparing and executing legal documents to achieve the results you said you wanted when you answered these questions.If you don't provide answers to these questions in estate-succession documents that meet the legal requirements for such documents, then title to your property will pass according to your state's laws of intestate succession. Now, that is usually not a disaster but it probably isn't exactly what you would have wanted either.
There is probably not a better time than now to prepare your estate-succession plan. That's because we can't really plan when it will be needed. Together, we will determine whether a living trust meets your needs best or if a will works better for you under current circumstances. With your plan, we will include ancillary documents such as financial powers of attorney and advance directives.