ESTATE PLANNING

In recent years, we have embarked upon an aggressive mission to encourage our clients to prepare wills and trusts (living trusts, and various general and durable powers of attorney, where appropriate) or update those which may be outdated.  Furthermore, wherein a client has a living trust, we can assist in the “funding” of such a trust, since oftentimes assets are not placed into the trust at its inception.  We will gladly work with your attorney in assuring that you have an effective Estate Plan in effect soon after becoming a client.  

Answering The 'What If' Question

In order to properly provide for estate taxes (those taxes which are levied on your total net worth, at death) we need to analyze the assets and liabilities currently comprising your financial position, determine the fair market value of same and estimate the taxes thereon.  Will there be enough liquidity to pay these taxes?  How much could these assets be worth at age 75 or 85 and what would the tax be then?  What would happen in the case of a premature or unforeseen demise?  Our estate planning services department can answer these questions through the use of questionnaires, assumptions, computer-assisted modules capable of performing “what ifs,” and knowledge of estate tax law.

Should you wish to explore an estate planning engagement, we would be pleased to discuss it with you and your attorney.  Typically, the greatest investment of time and resources comes at the inception of such a plan.  Subsequent updates are then necessary as our lives, income and net worth change.  However, we strongly encourage our clients to embark aggressively on estate planning when their net assets are sufficient to incur estate tax at their death and it is always appropriate to discuss wills, trusts and powers of attorney at any level of net worth.  Of course, our fees in this area are commensurate with the complexity of the client’s estate.