You have worked hard all your life and desire that the results of your efforts go to the individuals that you wish to receive the benefit of that hard work. There are a variety of estate planning techniques that may be used to ensure that your desires are fulfilled. Let us help you achieve those goals.
WILLS are legal documents that can be a very simple three pages or a sophisticated document containing 100 or more pages. For most people, their will is somewhere in between. Wills provide not only for the disposition of property but, other matters. A guardian or trustee may be needed for minor children. An executor or administrator needs to be selected so that there is not a court battle as to who is to handle the decedent's affairs.
Wills need to be coordinated with accounts that are joint, payable on death, or transfer on death. An individual's intent when executing his will may be totally destroyed if title to bank accounts, stocks or real estate is not properly setup.
Thoughtful writing of a revocable living trusts may provide estate tax relief for married couples and keep the family wealth in a form (the trust) that allows adult children (as trustees) or a trust company to provide assistance for the surviving spouse. One of the key features of these trusts is the ability to obtain estate tax savings for married couples while, at the same time, keeping the financial benefits of all of the family wealth available to the surviving spouse (and children) for health, support, maintenance, and education. This can be done without having everything taxed again when the second spouse dies.
There are three essential players in every Trust:
Of course, there can be more than one grantor, trustee, or beneficiary in any Trust
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