What is Estate Planning
Estate planning is the creation of a definite plan to manage your assets while you’re alive and to distribute your assets after your death.
Estate planning involves topics that most people would rather avoid: incapacity, death, and taxes. Many people do not give proper thought to the possibility of becoming incapacitated, or the certainty of their own death, yet incapacity will happen to most of us, and death will happen to all of us.
Estate planning forces us to face the financial and emotional consequences of incapacity and death and take action to minimize the effects on our families. But estate planning is not all that complicated. When people are asked to summarize their estate planning wishes, most simply say that:
3) They want to minimize executor and legal fees and court costs, and avoid unnecessary delays in passing on their property; and
4) They want to avoid, or at least minimize, the payment of death taxes (the Federal Estate Tax).
Thompson Painter Law P.C. helps you accomplish your estate planning goals.
Our services include:
Our firm specializes in Revocable Living Trusts. Read about what a Living Trust can do for you.
Special needs and divorce protection
You learn how to protect family members and you get informed advice on these important estate planning issues.
Long-term health care
You can make sure that you have properly outlined necessary health care instructions.
You find out how you can protect your estate and your heirs from lawsuits.
Your family can get help in distributing your estate after the first and second spouses pass away according to your Trust dictates.
Structured buy-out plans
You can plan for your children to sell land and assets.
You can ensure that your tax-deferred accounts are properly structured to give your family the greatest tax advantages possible.
You can get the assistance you need on the death of someone with or without a Will.
You can receive guidance on protecting your legacy.
You can ensure that your affairs are in order with regular estate reviews, and amend or restate your existing estate plan to ensure its effectiveness.
You can preserve your wealth and reduce taxes with proper planning.
You can get assistance with matters such as Family Limited Partnerships, Irrevocable Life Insurance Trusts, and Charitable Remainder Trusts, among others.