Wills, Trusts and Estates
Wills
While everyone should have a will, it is especially important for people who are married, have children or have assets exceeding the martial deduction. Wills can be used to insure your financial affairs are handled in an orderly way. Even young couples need wills to insure their children and surviving spouses will be taken care of in the manner they desire.
We feature a complete will package, which includes a will, durable power of attorney, living will, donor and burial instructions. We will analyze your Estate and help you put together a plan to best protect your assets. All of our attorneys can deliver prompt service to make sure your financial matters will be properly and efficiently handled in the event of the untimely or the inevitable.
Trusts
Trusts can be both an asset protection device and a tax minimization device. We can guide you through the use of numerous assets protection devices, including the following:
- Revocable Trusts/ Living Trusts which have no tax advantage, but can used to avoid certain probate issue.
- Trusts/ Irrevocable Trust which have tax significance
- Power of Attorney for temporary handling of your affairs
- Guardianship for the Protection of Persons needing Medical and Financial Decisions
- Conservatorships for the protection of the financial affairs of the young and old
We also assist in the preparation of Living Wills and Medical Powers of Attorney. These documents are medical decision-making documents to deal with those terrible situations when difficult decisions about treatment and life support are necessary.
Estate Planning
Very few people wish to donate money to the government. To this end, Wills and Trusts are part of Estate planning that accomplishes four basic goals:
- Tax Minimization
- Asset Protection
- Family Security
- Charitable Gifting
The Current Tax Law enacted during the first years of the Bush Presidency provides for a gradual increase in the tax-free exemptions amount of an Estate, but it also expires in 2010.
Currently the "death tax" exemption amount is $2 million per person. With proper estate planning, a married couple can transfer $4 Million. These amounts will increase to $3.5 Million and $7 Million in 2008. Failure to properly plan can result in Estate and Gift Taxes as high as 45% of the amount above the exemption limits.
We can achieve your goals through the use of various Estate Planning devices including equalization of titled ownership between the couple, trusts, charitable remainder trusts, conservation easements, planned gifting and family limited liability partnerships. Estate Plans require more than one detailed interview to achieve your goals.
Our Qualifications
As a former Probate Court Judge, Judith Carlson is a highly skilled practitioner who can assist you in Estate Planning in conjunction with your accountant and financial advisor. Paul Dunkelman, through training and experience, has become an excellent Estate Planner, working on insurance trusts, pour over trusts, marital deduction trusts, Crummy trusts and the other vehicles commonly used for estate planning. We team with local professionals, including CPA's (one who is a former IRS officer), to provide you with sound tax and legal advice.
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