WHAT IS IT?
Estate Planning is the collection of prepared tasks that serve to manage assets in the event that you’re incapacitated or die, including the bequest of assets to heirs and the settlement of estate taxes. Every adult, especially those who have families need some level of “estate planning” in place, even if you think you don’t have enough assets to make any difference. It’s surprising to realize what you actually own and what must be managed when you die.
Most young people neglect to give this much thought and are subsequently leaving their loved one’s with inadequate options to deal with their belongings should something untimely happen to them. The ultimate goal when planning one’s estate is determined by the specific needs & desires of the client and may be as simple or complex as the client’s needs dictate. Whether you’re purposely making plans for your estate or have just started out in your adult life and need a minimum plan in place, let us know and we’ll provide you with Estate Planning that fits your specific needs.
One aspect of Estate Planning that many people don’t actively consider (“I don’t have much so I don’t need a will…”) is arranging your affairs so that your loved ones receive as much of your estate as is possible while having it taxed as little as possible. We want our clients to keep their hard worked for belongings in the family – that’s how it should be. We’ve seen far too often an unplanned estate be leached by taxes and creditors at the end of one’s life because they had not protected themselves and their families with a solid estate plan. Do your family a favor and prepare for the inevitable while you’re able to.
Estate Planning typically consists of:
- Creating a will (Last Will & Testament and Living Will)
- Limiting estate taxes by setting up trust accounts in the name of beneficiaries
- Establishing annual gifting to reduce the taxable estate
- Setting up durable power of attorney (POA) to direct other assets and investments
- Establishing a guardian for living dependents
- And many others
Estate Administration is the process in which a deceased person’s estate is legally distributed, handled, & finalized. The distribution of assets (one’s belongings & possessions including real property & finances) to heirs take place, as well as, your final taxes.
Glass Law Group hosts one of the most prominent Estate Planning attorney’s in the nation, Mr. F. Stephen Glass (top 1% of Estate Planning attorney’s nationwide)! If you’re ready to get your affairs in order so that you can rest easy knowing your loved one’s won’t have to battle with the law – or a host of other stressful events when you pass – contact us today to set up your consultation.