Estate Planning
Why Should You Plan Your Estate?
An estate plan consists of...
1. Will
2. Trust
3. Advance Health Care Directive a.k.a. Living Will
4. Power of Attorney: Financial
5. Power of Attorney: Personal Care
What happens if you don't have any documents in place? Or if you don't have the right documents in place?
If you have provided no instructions, your estate plan will be determined by the state.
No Will?
On death, the state will distribute your assets according to the law of "intestate succession".
No Power of Attorney: Financial? No Advanced Health Care Directive?
In the event of your incapacity, state law establishes a process for court appointment of an individual to take responsibility for your personal care and assets.
What is your estate?
An estate is all property, or interests in real property, which you own, in your own name or as a co-owner.
The value of your estate is equal to the "fair market value" of each asset that you own.
The value of your estate at the time of your passing will determine whether or not your estate will be subject to estate taxes.
The 2026 applicable exclusion amount for federal estate tax purposes is $15 million for individuals and $30 million for couples, indexed for inflation.
Included in an estate:
bank accounts
life insurance
real estate
stocks and bonds
furniture
furnishings
jewelry
Which Documents Control?
Will
A Will can direct how you want your assets distributed upon your death.
Trust
A Trust can do more than merely attend to asset distribution. To avoid having your assets and your life subject to the public display of the probate court, you may wish to think about establishing a Trust.
Advance Health Care Directive
An AHCD sets out your instruction upon illness or disability as to whether you want to be on a respirator, provided a feeding tube, or other medical operations.
Durable Power of Attorney: Financial
A DPA Financial lets you name a trusted individual to manage your finances for your benefit if you are no longer willing or able to do so.
Things to Consider
How often should I update my documents?
If you have a Will and/or Trust, you may wish to review every time you do your taxes.
The check-in allows you to confirm that the individuals named to act for you are still the best choice.
It will also give you the opportunity to review your assets and distribution instructions to confirm they still make sense.
What do I need to consider when planning my estate?
Which of your friends and family would make good executors and/or trustees?
Executors are the managers of assets that are distributed through your will. Trustees are the managers of assets that are distributed through your trust.
If you have children, you should think about naming a guardian for your children's estate and/or person.
The guardian is typically nominated via a will. The guardian of the estate manages the financial assets distributed to the child via the will. The guardian of the person attends the day-to-day activities of the child until they are of age.
A properly funded trust can be a great alternative to a guardian of the estate. A trust can hold assets for children beyond age 25, which is otherwise the limit via will transfers. If you are concerned that your child does not have the financial maturity necessary to handle your life savings, a trust for him or her can provide them financial support with discretion.
Marital Status
If you are married, the law establishes a number of rights for you in terms of property and taxes, particularly at the federal level. If you are not married, even if you are in a domestic partnership, some of those benefits may not be available to you.
Non-children dependents
If you are worried that a parent might not have the assets available to support him or herself on your death, you can establish a trust for him or her during their lifetime. Upon their death, these assets can revert to your children.
Pets
Have a pet that is near and dear to you? We can establish a trust for his or her benefit, to provide for their care, in the event that you are unable to do so.
What's next?
Our Process
To update your estate plan or prepare an initial plan our process is:
1. Please complete the Initial Questionnaire to outline the scope of your estate planning needs.
2. If our services are a good fit for your needs, we will send you information on how to schedule an initial call with us. As a courtesy, the first meeting, up to a maximum of 30 minutes, is free. After 30 minutes, I will ask if you wish to continue the estate planning discussion. If so, at that point, billing begins at my usual hourly fee.
3. After the initial call, if we both agree it is a good match, we will then do a deep dive for additional information about your current circumstances. Any fees (beyond the free first 30 minutes) will be due at the end of the initial consultation. If we decide to work together, all fees from the initial discussion will be credited towards your initial estate plan (billed at a fixed fee). Amendments are billed hourly.
PLEASE NOTE: Any scheduled appointments canceled without appropriate notice (less than 24 business hours) is subject to a $200 cancellation fee.
Estate Planning Initial Questionnaire
The Estate Planning Initial Questionnaire is designed to assist you with organizing your information for your estate. It will help you have a better idea of the documents needed and the steps necessary in the estate planning process.
The Estate Planning Initial Questionnaire may be completed and submitted prior to our meeting.