The Truth About Estate Planning
People often think of estate planning in terms of the documents that are generated; wills, powers of attorney, living wills, trusts, etc. While the documents are important to insure that a client's goals are realized, the documents are only a small part of the process. In reality, it's not about the documents; it's about the results! Did your plan work? Did it meet or exceed your expectations? It is also about the process that's employed to identify client goals and reflect those goals in the documents and to insure that the plan is updated on a regular basis. Without education, most people are focused on minimizing taxes and, perhaps, avoiding probate, ignoring the most important decisions and opportunities available to them to impact the lives of others after they are gone.
While important, there are issues far more important to my clients than taxes and probate. I find that most people are deeply concerned about the effect of a catastrophic illness on their finances and their family. How will they be cared for if they are unable to care for themselves? Will their children risk disinheritance on the remarriage of the surviving parent? How can we protect our surviving spouse and our children from creditors and predators, and yet give them control and access to what we have left them? How can we prevent all that we have left to our child from being awarded to a soon to be ex spouse? These are the real, everyday issues that clients wrestle with in estate planning.
I offer a unique Three Step Strategy for estate planning, in addition to traditional estate planning. The Three Step Strategy follows a very deliberate process to insure that a client's plan works and that it meets or exceeds the client's expectations.
I encourage all potential clients to attend a no cost, no obligation workshop that I offer on estate planning, entitled "The Truth About Estate Planning". This workshop is designed to provide potential clients with a good, solid educational foundation on estate planning, to prepare them to move forward in the estate planning process, regardless of whether they choose to work with me or not, and to clearly inform potential clients of the various estate planning approaches that I offer, including the Three Step Strategy as well as the traditional approach.
Here are a few examples of documents which are prepared as part of an estate plan:
TRUSTS
Trusts are a viable and useful tool in minimizing or avoiding taxes, in providing protection to surviving spouses and children and in fulfilling charitable desires. Trusts come in many forms and serve many purposes, both financial and non-financial. I help clients understand the types of trusts that might best accomplish their goals and assist them in designing and implementing the appropriate trust for their unique circumstance. In most cases a Will is prepared to support the Trust, called a "Pour-Over Will". This type of Will leaves property to the trustee of the Trust upon the owner's death.
POWERS OF ATTORNEY
Powers of attorney are an absolute necessity in any estate plan. Many people think of estate planning as death planning. Published studies tell us that a majority of people will experience a period of disability before they die. Who will handle their financial affairs in the event they are disabled? Who will have the authority to make critical medical and health care decisions for them if they are no longer capable of making those decisions for themselves? I work closely with my clients to make sure their needs and desires are clearly stated and expressed in powers of attorney.
LIVING WILLS
At the end of life many people do not want to unnecessarily prolong the dying process. In the absence of clear instructions to the health care providers, many people find that their wishes are not honored. I help clients clearly state their wishes regarding efforts to continue their life and their desire regarding the end of their life.
.
