Estate planning is the process of organizing your assets for the future. Estate planning should assess the unique situation of each client, and address his/her needs for retirement, potential incapacity or disability, and the passing of property upon death.
A Will, also referred to as a Last Will and Testament, is a legal document used to distribute assets upon death. A Will designates who is to inherit your assets, and appoints a person to administer your estate. A will only takes effect upon death, and does not avoid probate.
Trusts are used for various legal planning needs. The most common, a Revocable Living Trust, can replace a Will as your core estate planning document. It can minimize estate taxes and avoid probate. A Revocable Living Trust allows the maker to define who will inherit assets, who will administer the assets, and defines a plan for the assets in the case of incapacity. A Revocable Living Trust can be revoked or changed at any time before the maker's death.
A Gun Trust is a special kind of trust that complies with all complex federal, state and local gun laws. It simplifies the legal transfer of Title II firearms, keeps your firearms out of probate, maintains privacy and minimizes taxes on the firearms.
Power of Attorneys
A Power of Attorney is a legal document that designates another person the legal authority to act on your behalf during your lifetime. Powers of attorney can grant legal authority on a broad range of issues including health care, financial and real estate, and may be drafted to take effect in the case of incapacity.
Health Care Proxies (Surrogates) / Advanced Directives / Living Wills
The importance of planning your medical preferences should never be overlooked. These legal documents provide a means for your health care wishes to be known and executed. A Health Care Proxy, also known as a Surrogate, is a designation of another to speak for your medical needs in the case you are no longer able to speak for yourself.