To many people estate planning is merely preparing a will to tell your executor what to do with what you own when you die. But, estate planning is more than just drafting a will. It includes tax efficiencies, wealth preservation, asset protection, efficient asset ownership, retirement planning and business succession planning.
Estate planning can include:
- Will. Appoints and directs your executor what to do with your property after your death.
- Trust. Allows you and your successor trustee to handle your assets in private.
- Special Needs Trusts. Provides for a disabled person without loss of government aid.
- Healthcare Power of Attorney. Empowers your agent to make decisions when you cannot.
- Power of Attorney for Property. Empowers agent to help with or make financial decisions.
- Insurance. Values and protects assets, provides liquidity and provides for dependents.
- Living Will. Directs your caregiver on life prolonging care.
- Non-Probate Transfers/Beneficiary Designations. Enables transfers without probate.
- Property Ownership. Evaluates the most effective methods to hold title to assets.
- Asset Protection. Protects your assets from creditor claims during life and after.
- Tax Counseling. Delays, defers, reduces or avoids taxes for you and your heirs.
- Business Succession. Plans for the sale, transfer or termination of your business.
- Charitable Giving and Trusts. Structures gifting in life and on death.
- Family Partnerships. Consolidates assets to provide for future generations.
- Spendthrift Provisions. Protects gifts to financially irresponsible heirs.
- Long Term Care. Analyzes options, costs and insurance.
- Divorce Planning. Analyzes the effect of divorce and addresses child/spouse support.
- Minor Child Protection. Addresses financial and personal guardian issues.
- Related Consultants. Introduces other professionals for consultation and advice.
The attorneys at Brooks, Tarulis & Tibble have experience in all aspects of estate planning. Should you have any questions or if we can assist in this regard, please contact us.
Douglas C. Tibble
