Estate Planning
Estate Planning
Our firm helps families of all shapes and sizes with estate planning. Our firm prepares wills, trusts, powers of attorney, advance directives for health care, living wills, deeds, revocable and irrevocable trusts, and other documents for clients. We also help coordinate our clients’ assets with their estate plan, which may involve one or more trusts.
Wills vs. Trusts
One of the most common questions our clients have is whether they should use a will or a trust in their estate plan. The answer to this question is determined by need.
This is why, when you become a client, we begin with your goals, rather than tools (such as wills, revocable trusts, irrevocable trusts, deeds, etc.).
Some factors that might point toward an estate plan that features one or more trusts include the importance of avoiding probate upon death, protecting assets for a loved one (such as a child), owning property in more than one state, and other factors. For a handy chart on whether a trust might be right for you, check out this guide below.
Estate Planning and Taxes
No matter how large or small a person’s estate is, it is important to consider the tax consequences when designing an estate plan. Most often our clients are interested in preserving a step-up in basis. We made a video on this important concept, which you can watch below.
While the step-up in basis applies to income taxes, some of our clients may be faced with a different kind of tax known as the federal estate tax. This tax affects clients with higher net worths. While the vast majority of our clients do not have to worry about the federal estate tax, the federal government is constantly changing the threshold at which federal estate taxes apply, which is one of the reasons our clients like to have a continuing relationship with our firm.
