Estate Planning Attorney

An estate refers to the property you own, no matter the value.  Everyone who owns property should have an estate plan to direct your property to those you choose after your death. We do not believe that estate plans should be one-size-fits-all.

 

Stephanie will take the time to get to know you and your family. She can help you sort through the different estate planning options available to give you peace of mind.​

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When to Start Estate Planning

It is almost never too early to engage in estate planning. However, it is a good idea to review your estate plans at different times in your life or when major events occur.  Your concerns at age 55-75 are not the same as when you were 25-45.  Life looks different when you get married, have a child, have a child with special needs, get divorced, a loved one passes or has disabilities, when your life changes, your estate plan may need to as well. 

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How to Plan for Estate Planning

You should begin to think about trusted individuals in your life.  Who would you trust to take care of things after you are gone?  Who is likely to have an interest in doing so? If you do not have anyone in your life that you can trust, then there may be other options. 

 

In order to assess your estate for planning purposes, we will ask you about your assets, including real estate, personal property, bank accounts, savings accounts, retirement accounts, life insurance, and how each is held. You should have a general idea of account balances and values, but we won’t need precise numbers at your first meeting.  Rest assured, your information will be kept confidential.  You should give some thought to who you want to receive your assets at your death, and whether or not those individuals will be able to manage those assets on their own or if they will need help. 

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Does Estate Planning Include Wills?

Yes, a will is one part of every estate plan.   A comprehensive estate plan will also include a power of attorney for finances, power of attorney for healthcare and an advance directive for end-of-life decisions.  It may also include a trust depending on your family circumstance or concerns. 

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What estate planning document do I need?

Every estate is different. We explore with our clients their unique concerns and goals so that every plan is specifically created just for them.

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Estate Planning for Elderly Parents

Often it is the children of aging parents who get the ball rolling on their parents' estate planning. However, the elder is in charge and works with the attorney to complete the plan.  Estate planning for elders should include candid discussions about the potential for long-term healthcare needs of elderly parents. A comprehensive power of attorney that allows planning for public benefits qualification in the event skilled care is needed in the future is key.  Conversations prior to a major health event is essential to having the proper plan in place when it is needed most.

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​Estate Planning With Life Insurance

Life insurance plays an important role in estate planning. It is important that all policies, their ownership, and beneficiaries be considered in creating an effective and coordinated estate plan. It may be appropriate to direct proceeds to trust if the beneficiary is not able to manage their own financial affairs due to age, alcohol or drug abuse or mental impairments. 

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Estate Planning With Trusts

Trusts are legal documents through which one (a trustee) holds and manages assets that are held for the benefit of someone else (a beneficiary). Trusts come in many “flavors” and can be drafted to a specific need. Sometimes, you can be both the trustee and beneficiary of your own trust (i.e. a living trust a.k.a. revocable trust). Trusts created can provide additional incapacity planning for seniors as they age and help you avoid the probate process if properly funded.  Trusts can also be created within your will (i.e. testamentary trusts) and can provide structure for a loved one who may have trouble managing an inheritance. Certain trusts, known as special needs trusts, can protect public benefits like SSI and Medicaid for a loved one. 

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​Estate Planning With Real Estate

Real estate is an important component of any estate plan.  Because there are specific legal requirements for the transfer of ownership (title) to real estate, it is important that your estate plan includes the appropriate provision to transfer title as easily as possible after your death.  Real estate can be transferred by deed, will or by trust upon your death. If you own real estate in more than one state, then a trust may be advisable to avoid multiple probate (court) processes to transfer title of your real estate to your loved ones. 

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Estate Planning Tips

Consider the following:

• What real estate do I currently own?

• What real estate might I own at my death?

• What bank accounts do I have an interest in?

• Am I listed on the bank accounts of others?

• What types of retirement accounts do I have?

• What happens to my retirement accounts when I die?

• What plans do I have for long-term care?

• What personal property do I own and where is it located?

• What are the values of your assets?

• Who would you like to manage any potential trusts?

• Who would you like to handle your estate (a personal representative or executor)?

• What are the full names of any beneficiaries of your estate or any trusts?

• Who are your heirs? Your next of kin?

• Is anyone who might receive funds or property after your death a special needs person or a minor?