Living Trusts, Wills, Probate Avoidance and Durable Powers of Attorney

Wills are applicable to any client. Even if you don't have many assets, you'll want to outline your wishes for property distribution and designate an executor for your estate.

You should also put in place durable powers of attorney, both financial and medical. This will help those who care about you avoid conservator petitions and medical directive fights. If you have children, you'll need to protect your family by determining guardianship of your children and management of their property.

Stating your wishes with a will doesn't protect your descendants from probate and tax issues related to inheriting your assets. That's where the power of living trusts comes in.

Living trust clients are typically ages 50 to 75 with assets, either liquid or real estate. A living trust helps heirs avoid probate (which can be expensive, confusing and time-consuming) and provides orderly distribution of property.

A living trust is known as a "flexible document." This means you can include restrictions related to use of the assets you leave behind. For example, some parents may choose to restrict release of certain assets until a child has successfully completed college or reached a certain age.

Estate Tax Planning

If you are married with a larger estate (value greater than two million dollars), you should think about taking steps to protect heirs from excessive tax implications upon inheritance. A credit shelter trust (also know as an "A/B Trust" or "Bypass Trust") can be used to eliminate or reduce federal estate taxes.

If you are a single person, you might choose to take advantage of options such as a life insurance trust to protect the proceeds of the policy from estate taxes or create a gifting program.

Corporate and LLC Formations

Creating or making changes to a business can be exciting. But there's some excitement you can do without.

Legal agreements don't jeopardize business relationships, they protect them. If you are in business or considering starting a business, be sure you have legal guidance. You'll want information and assistance regarding structure (i.e. partnership vs LLC vs S-Corp), shareholder agreements, LLC membership agreements, asset and liability protection, layered liability and more. It's essential to get your new business off on the right foot, plan for success, and understand the implications of your decisions. It's always easier and less expensive to prevent problems than to solve them!