The basic estate planning process involves planning for incapacity during your life by utilizing successor trustees in a revocable trust and designating an agent under durable powers of attorney; selecting guardians for minor children and providing for management of assets for the benefit of children; and includes health care matters with formal documentation indicating your health care choices. Standard documentation includes Will, revocable trust, durable powers of attorney for property management and for health care, appropriate titling of assets (joint tenancy, tenants in common, community property, community property with right of survivorship), and beneficiary designations for retirement accounts and life insurance.
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You may also choose to address specific issues, such as income or estate tax, asset or divorce protection for yourself or your heirs, the disposition and management of a particular asset, such as a business, or the handling of assets for the benefit of heirs with special needs. Legal documentation and strategies include gifting strategies, irrevocable trusts, use of life insurance, planning for children from a previous marriage, and planning for children with substance abuse. Techniques such as the following may be employed.
Family Limited Partnerships (FLP) or Limited Liability Companies (FLLC) are most suitable for individuals who have a business, real estate, a farm or ranch, or investments and have sound business reasons to own and operate such assets in the form of a business entity. Read more.
The term “dynasty trust” relates to the duration of the trust. In theory, at least, the dynasty trust is intended to last in perpetuity or as long as the grantor of the trust has descendants. It may be, however, that a shorter period, such as for the life of a child, will accomplish the creator’s objectives. Read more.
Our team of experts to help you plan your estate planning and business succession. From the left: Marianne, Allen, Renita, Sabrina, Maureen, and Kristen.