|
Services
|
|
(Download
PDF copy)
|
| Estate
Planning
|
|
For most individuals the first step in planning is to have a
last
will and testament or living trust prepared that provides for
the disposition of assets after their death and the care of any surviving
minor children.
After that has been accomplished, there are a number of further
steps to assure that one’s wishes will be carried out both before
and after death. These include
coordinating beneficiary designations with the will or trust so that
assets passing subject to such designations (which often comprise the majority of
value of the estate) will pass according to the wishes of the owner.
Moreover, arrangements should be made for dealing with possible
disability, including the designation in a durable power of attorney and
advance health care directive of those who will make financial and medical
decisions if the individual is no longer able to do so.
|
|
| An
important consideration, of course, is minimizing the estate tax that will
be imposed on assets passing at death.
With careful planning, it usually is possible to significantly
reduce this tax burden.
With significant changes in the federal and state laws imposing
such taxes it is very important to build flexibility into any planning
that is done and, for those who already have documents in place, to have
them reviewed in light of the recent changes in the tax laws. |
|
| Estate
Administration
|
|
It is vitally important to receive professional guidance when
someone has died to determine the requirements for distributing assets and
paying estate and inheritance tax. Even
if all assets are held in joint names or pass outside of the probate
system, there are still steps that should be taken to insure compliance
with the law and that the survivors are receiving the full benefits to
which they are entitled. Failure
to deal with these matters often leads to unnecessary complications in
the future.
|
| Planning Opportunities
Using Trusts
|
|
Trusts are
extremely useful tools in planning for the
care of children, the disabled, and other dependants.
We assist our clients in determining whether a trust will meet
their needs and, if so, how to structure the trust to maximize the benefit
to the beneficiary without making the trust assets available to creditors or
disqualifying the beneficiary from receiving government benefits.
|
|
| Planned Charitable Giving
|
|
There
are many opportunities for those who wish to make substantial charitable
donations to maximize the benefit of such gifts to the charity and to
themselves as donors. For example, a charitable remainder trust can provide increased
income to a donor while assuring a favorite charity will receive a
sizeable gift after the
donor’s death. The donor receives a current income tax deduction
for a portion of the assets transferred to the trust and, in addition, is
able to increase his income during his lifetime. We often work with charitably inclined individuals to maximize the
benefits of their generosity.
|
|
| Miscellaneous Planning Services
|
| We
also work with our clients in such areas as re-titling real estate and
other assets to achieve their goals, having an individual’s name legally
changed and other personal matters.
Ms. Travieso also serves as Trustee of a number of trusts for
individuals and as Guardian of the Property and Attorney in Fact for
elderly clients. |
|
|
