Estate Planning

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Your voice setting forth your intent and direction needs to be heard should you become incapacitated (stroke, Alzheimer's Disease, accident, etc.) or die.  For your voice to be heard, your intent and direction must be reduced to writing in compliance with the law.  If you are silent, your family will have to resort to the probate code, which is the legislature's direction, and will likely not reflect your personal desires.  Silence also guarantees court involvement in your family's life and in your estate.

IF YOU ARE SINGLE:

1. Appoint someone to manage your ASSETS if you become incapacitated, whether temporarily or permanently (avoid a conservatorship and court proceeding).
2. Appoint someone to make MEDICAL DECISIONS on your behalf if you are unable to do so (avoid a conservatorship and court proceeding like Terri Schiavo).
3. Allows you to let your agent(s) know your MEDICAL WISHES regarding life sustaining treatments, life support and organ donation.
4. Direct the DISTRIBUTION of your assets at death (who gets them and how).

IF YOU ARE MARRIED:

1. All of the above.
2. Provide for your SPOUSE.
3. Nominate GUARDIANS for your children.
4. Allows you to CONTROL how and when your children receive their inheritance. Additionally, you can plan for those children with special needs.
5. Allows you to do additional estate and tax planning. 

1. Disposition of Assets - You can direct who is to receive what type of assets at the time of your death. The timing of the receipt of assets may also be incorporated. For example, you may have minor children and not want those children to receive their distribution until they reach certain ages, or a number of years after your death, or have attained certain milestones.
2. Your Family – Arranging your affairs so your spouse and children will receive specified assets and be used for their benefit is essential. You should name guardians to raise your minor children or handle assets left to them, in the event both spouses are deceased or become incapacitated. One of the lasting memories your family will have of you is how you left your affairs at your death.
3. Court Avoidance – Many clients prefer not to have their estate become a public record and go through a court probate process. Accordingly, many clients are implementing revocable trusts to avoid the court probate process. Also, durable powers of attorneys (asset and health care) are used to avoid court conservatorships in the event you become incapacitated.
4. Estate Taxation – The value of your estate should be analyzed and if necessary, a plan implemented to reduce or eliminate federal estate taxation.
5. Income Taxation – Your surviving spouse or children may inherit your assets. If they later decide to sell the asset, you would like them to pay as little income taxation as possible. Vesting assets with the proper title can help reduce future income taxation to your survivors. 
6. Creditor Protection – Lawsuits are becoming pervasive and some are frivolous. Part of your estate plan may implement certain asset protection techniques to help protect and preserve assets from creditors.
7. Grandchildren – Planning for future generations can be easy and produce phenomenal results, both financially and personally.