Estate Planning, simply put, is the process of ensuring who will receive your property and assets when you die. This deceptively simple objective becomes remarkably complex when the myriad of life's possibilities are considered. For instance:
- Who will care for my children if I die before they are grown?Estate Planning
- How do I protect my adult-child's inheritance from being squandered in their divorce or bankruptcy?
- If my surviving spouse remarries, how do I ensure that my life insurance is used for the benefit of our children, and not their new spouse or step-children?
- Who has the character and expertise to manage and distribute my assets after I'm gone?
Estate planning is not just the writing of a will; it is the thoughtful consideration of these and many other possibilities, and then the formulation and preparation of a comprehensive plan to carry them out. Only through consultation with an experienced estate planning attorney, can these issues be anticipated and addressed.
The Tools of the Trade
A quality estate plan can include the use of many different documents:
- Revocable Living Trust
- Durable Power of Attorney
- Health Care Surrogate
- Living Will
- Pre-Need Designation of a Guardian
- Irrevocable Trust
- IRA, 401(k), and Life Insurance Beneficiary Designations
- Joint Ownership and Homestead Planning
Estate & Death Taxes
The Federal Estate Tax Exemption for 2014 is $5,340,000 per person, which means that there is generally no tax if your estate is under that amount. However, there are some easy and basic planning techniques which can frequently minimize or eliminate these taxes. If your assets are above or near the exemption amount, we will work with you to protect your assets from avoidable tax.
The Minerley Fein Difference
Our job is to help guide you through the estate planning process so you can consider all the possibilities and make well-informed decisions. We take the time to understand the circumstances, needs and desires of our clients and create an estate plan specifically designed for each client. We then follow up to ensure that the plan is implemented, so that you can rest easy knowing that your family and your hard-earned assets are protected. For more than a decade, attorney Drew Fein has been listening to clients, and creating innovative plans to achieve their goals and meet their needs.
Read more about Estate Planning
If you want to discuss your estate, learn how to best protect your family, and develop peace of mind on your family's security, please contact us at 561.362.6699 or email here. You can learn more about attorney Andrew "Drew" Fein, or about our other areas of practice on our website.