Wills & Trusts
What is Will?
Name Guardians
If you have minor children, the Will is the way that you can specify who you would like to become their guardians.
Name an Executor
You can name the executor of your estate in your Will so that the proper person is responsible for collecting, managing and distributing your assets. Often, the executor is also responsible for making tax-advantageous elections for your estate and beneficiaries.
Testamentary Trusts
You can use the Will to create trusts. For example, the Will could state that all assets not covered by other estate planning will go into a trust for your descendants.
Your satisfaction
Most of our estate planning clients come to us on recommendations from our current or past clients. We value your input and that is why our clients are happy with their results. We need you to be an active participant in this process and we are in constant communication with you.
What is Trust?
Revocable Trust
This is a trust that you can make changes to at any time, or even be revoked the trust entirely. It is used for testamentary planning to avoid or ease the process of probate.
Irrevocable Trust
Most often used for lifetime planning, involving gifting, business planning and succession, wealth succession, pre-marital planning, asset protection and planning for lifetime events (such as children’s marriages, new grandchildren, new business ventures, loss of job or medical insurance, retirement)
Special Needs Trust
Created to help provide care for chronically disabled individuals (children, parents, siblings). Can be created during lifetime or at death.
Generation Skipping Trust
If you want to pass money down to your grandchildren, or other heirs at least two generations away, this type of trust can help accomplish that goal while bringing significant tax savings.
Charitable Trust
You can leave an income stream to a specific charity in a trust and leave the remainder for your descendants (or the other way around) to take advantage of charitable income tax deductions or estate tax deductions.
Business succession trust
Used to centralize control over family business or assets.
Life insurance trust
Created to hold a policy on your life (or a policy on a life of another individual). This trust presents an effective way to give your heirs easy access to cash at your death to pay for your death taxes or to ensure available liquidity if you have a relatively illiquid estate and worry about a fire sale at death.