Estate & Asset Protection Planning
Jonathan's Story
Our firm understands first hand how important estate planning is. Jonathan unfortunately lost his father in high school and his mother while in his first year of law school. His father's estate was not well planned and several heirlooms were lost, property was sold and the remainder was almost lost to the state by a negligent attorney. Thankfully, his mothers estate was more carefully planned as real property was put into a life estate, a trust for minors was established by the will and funded by her life insurance, while her retirement accounts transferred via beneficiary designations allowing for deferred taxation. Though both deaths were untimely and caused Jonathan to take on responsibilities of managing a farm and taking care of his elderly grandmother, it helped him realize the importance of having a well designed estate plan. He has one for his daughter and believes you should too.
Parts of an Estate Plan
Power of Attorney
A Power of attorney is a document used to assign someone else to make your financial and legal decisions. You may want a professional to handle these matters for you or you may want to have someone named in case of an emergency. Disability insurance is an excellent funding mechanism if you are not yet disabled.
Medical Directive
This document names someone to make healthcare decisions for you if you cant and allows you to make a few other end of life treatment decisions so your family does not have to make those decisions.
Last Will
Our last will and testament will name a fiduciary to handle your taxable estate and pay your expenses. We often use beneficiary designations and Transfer on Death Deeds to avoid probate taxes.
Burial and Funeral Plan
Our plans may come with a burial and funeral plan so that you do not leave these decisions on a loved one during a tough time. We can also work out prepaid funeral expenses on your behalf
Living Trust
Our living trusts will be for your benefit for your life, and then also name your beneficiaries, such as your family or a charity and how you would like for them to receive benefit from the funds upon your death. Our firm may serve as Trustee to professionally manage the trust which can help ensure conflicts don't arise among family. Term life insurance is an excellent funding mechanism if you do not have enough saved up to take care of your family.
Transfer on Death Deed
Our firm may advise a transfer of death deed or a life estate deed to avoid probate taxes depending on your long-term goals for a particular property. This can help ensure a simple estate administration..