Estate Planning

The process of developing a plan for your loved ones in the event of your incapacity or death involves understanding your goals, anticipating future needs, and selecting the right tools to carry out your intentions. Depending on your situation, one or more of the following instruments may be used to honor your wishes while reducing costs and potential tax burdens:

Wills

A will outlines how your assets will be distributed and who will oversee the administration of your estate. It also allows you to nominate guardians for minor children.

Revocable Living Trusts

A revocable living trust provides flexibility and control during your lifetime and allows your estate to avoid probate after your death. It is often used to simplify administration and ensure privacy for your beneficiaries.

Irrevocable Trusts

An irrevocable trust can help protect assets, reduce estate taxes, and support long-term planning goals. Once established, its terms generally cannot be changed, which can offer meaningful tax and asset protection benefits.

Special Needs Trusts

A special needs trust enables you to provide for a loved one with a disability without jeopardizing their eligibility for public benefits. It creates a structured framework for supplemental care and financial support.

Life Insurance Trusts

A life insurance trust can remove insurance proceeds from your taxable estate and ensure that the funds are managed according to your instructions. It is a valuable tool for families seeking liquidity or long-term financial support for beneficiaries.

Charitable Remainder Trusts

A charitable remainder trust allows you to support a charitable organization while retaining an income stream during your lifetime. It can also offer income tax and estate tax advantages.

Powers of Attorney

A power of attorney authorizes a trusted individual to manage your financial or legal affairs if you are unable to do so yourself. It provides clarity and continuity during periods of incapacity.

Advance Health Care Directives

An advance health care directive records your preferences for medical treatment and appoints someone to make decisions on your behalf. It ensures that your wishes are known and respected in times of medical uncertainty.

Estate Planning for Retirement Accounts

Planning for retirement accounts involves coordinating beneficiary designations with your broader estate plan. Careful structuring can help preserve tax advantages and provide long-term financial security for your loved ones.