Estate Planning

Family is paramount and planning for our families' continued well-being is so important.

Do You Need a Will or a Trust and What is the Difference?

If you have children, own personal property or other high-valued assets, are concerned about who will take care of you in the event of an unplanned illness, how you will pay your bills if you are incapacitated, or how your assets will be passed onto your heirs after your death, then you need an estate plan. This most often is either a will or a trust.

Wills vs. Trusts differences at a glance:

• Wills only matter once you die • Wills must go through probate, a legal process where the will is certified as valid and binding. This certification requires forms and trips to court. • Trusts begin working once the title to your property is changed, listing you as the trustee. • Trusts are managed by the trustee. • The benefit to this arrangement is that if you are incapacitated, the next trustee in line that you have designated handles the financial matters. • Trusts provide flexibility, control over your assets while you are alive, ensure that your estate is handled properly after your death, and allows for tax planning.

Estate Taxes are a Whopping 46%! You Can Minimize Them with a Trust.

The type of tax planning you need varies from couple to couple. It is not a one-size-fits-all process, and be wary of anyone who tells you that they can pull together some standard language and for “one low, low price” provide you with the protection you need. Be cautious! A trust with improper tax planning can have expensive consequences to your heirs. It is best to plan your trust needs with a qualified attorney, while you and your spouse still have the capacity to make decisions. You can’t go back once a spouse dies or becomes incapacitated, or ill to the point they can no longer make their own decisions.

If the Unthinkable Happens, Who Will Care for Your Children?

If you have children under 18, a well-structured trust could be all that remains of your guidance and wishes, when it comes to raising your children in your absence. And even if your children are 'of age,' a trust can provide instructions and guidance to help them manage their inheritance so that they can properly finish their education, and lead productive lives.