Our Services

The services we offer are briefly described below. For additional information on our practice areas, call us at (866) 488-9998 for a complimentary 30-minute consultation.

Services

•   Living trusts and other probate avoidance techniques

Living trust packages include the living trust, pourover will(s), durable power(s) of attorney for financial matters, health care directives, guardianship documents, a community property agreement (if applicable), and various other documents necessary to complete the total estate plan. Letters of instruction are included to help in retitling assets to the trust, and a complete Estate OrganizerTM binder containing all documents, personal information, and instructions to the successor trustee provides information which family members need if a disability or death occurs in the family. Up-front, guaranteed package prices are available on living trusts.

•   Irrevocable Life Insurance Trusts

When the estate of an individual (including death benefits of life insurance owned by that individual) exceeds or will exceed applicable exclusion amounts for estate tax purposes, it may be wise to remove the policy from individual ownership. If outright gifting of insurance policies to beneficiaries is not practical, placing life insurance policies (or other assets) in an irrevocable trust may be advantageous. A life insurance trust may also be utilized to purchase and hold new life insurance which will eventually go to beneficiaries to be used to pay estate tax when it comes due.

•   Amendments and Updates to Estate Plans

Due to changes in law and in personal goals, finances, and family situations, a periodic review of your estate plan is wise. We will review the estate plan and update documents as needed.

•   Wills and supporting documents

Estate plans include analysis of ownership of assets and beneficiary designations as well as application of tax law. Documents available are as follows:

•   Powers of Attorney

Durable Power of Attorney for Health Care - This document authorizes others to make medical decisions, to make life support decisions, and to sign nursing home admission papers if you were unable to do so. Unless the document is signed, if you were unable to sign admission papers, if nursing home care was needed, guardianship court proceedings would be required in order to be admitted to a nursing home. [Adapt as necessary per your state statute].
•   Spousal Power of Attorney

Durable Power of Attorney for Financial Matters - This document authorizes others to act on your behalf, to sign financial documents for you. The power of attorney may be drafted to be effective immediately, or it may be drafted to be effective only if incapacity is proven. This document may authorize gifts to be made on your behalf or may be very restrictive, authorizing only specific actions.
•   Second Power of Attorney for spouse.

•   Community Property Agreements

•   All community property agreement classifying all assets as community property, to forgive all capital gains tax on appreciated assets of both spouses upon the death of one spouse*, and to clarify that the intention is for all assets to be community property (equally owned by both spouses).

*One-year waiting period may apply to obtain tax benefit, so capital gains forgiveness may not be effective if death occurred less than one year after community property agreement is signed.

•   All community property agreement with nonprobate transfer of assets provisions,which incorporates plan of distribution from will, avoids full probate on assets (although a petition must be filed with the court), avoids capital gain on appreciated assets, and clarifies intentions on ownership. (Only available in conjunction with will, and in states with statutes authorizing nonprobate transfer by community property agreement.)

•   Community property agreement classifying some or all assets as individual property to protect interests of nonspouse beneficiaries, to keep assets separate in the event of divorce, and to retain separate control of assets brought into the marriage.

•   Business Planning

•  Partnership agreements outline rights of partners in regard to how labor, expenses, income, liability, decision-making, and day-to-day operations will be shared. The partnership agreement may also include restrictions on transfer, procedure, and valuation to be used if one partner wants to sell out, and provisions regarding procedures if a partner becomes disabled or dies.

•   Buy-sell/corporate redemption agreements outline rights of partners/shareholders if a party wants to sell or if a party becomes disabled or dies.

•   Probate

When a person passes away and owns assets in his or her sole name with no beneficiary designation, in most cases probate will be required in order to ‘unfreeze’ assets. Estate planning during lifetime may be utilized to avoid probate, but after death, if assets are titled in decedent’s sole name, probate is not optional. We strive to streamline the probate process as much as possible.

•   Trust Administration

Trust Administration services are available to help with paperwork when spouses used a joint revocable trust and one spouse passes away. It is wise at this time to review federal estate tax issues, to verify that all assets are in the trust, to review and update documents as needed, and to determine value of assets. Establishing date of death values is necessary to assess any possible estate tax issues and to confirm the new tax basis of assets. This allows the surviving spouse to sell inherited appreciated assets for date of death value and pay NO CAPITAL GAINS TAX. Future gain will only be taxable for the amount of gain since date of death.

•   Trust Termination

Trust Termination services are available to help with the paperwork required to terminate a trust after death. If all assets are in the trust, no probate will be required. However, it is still necessary to create a list of assets and values, file required tax returns, pay debts and expenses, account for assets, and distribute assets as designated in the plan of distribution.