This site is an expanding source of information regarding the areas of law in which I concentrate my estate planning practice. Simply put, Estate Planning is the process of developing an integrated plan for your family, business and property during your life. A successful plan provides for both your family's needs as well as your own while minimizing the cost and taxes associated with the transfer of property.
Please review the site and if you have any questions please call or email me or see the Frequently Asked Questions section. This publication is designed to provide accurate authoritative information in regard to the subject matter covered. It is presented with the understanding that the publisher is not engaged in rendering particular legal, accounting, or other professional service.
If legal advice or other expert assistance is required, please consult with me directly.
Please review the site and if you have any questions please call or email me or see the Frequently Asked Questions section. This publication is designed to provide accurate authoritative information in regard to the subject matter covered. It is presented with the understanding that the publisher is not engaged in rendering particular legal, accounting, or other professional service.
If legal advice or other expert assistance is required, please consult with me directly.
Services
Living Trusts and Wills are legal documents that enable you to state your wishes regarding your family and property.
Wills only take effect upon death.
Trusts can become effective during your lifetime.
The type of trust created during your life is commonly referred to as a "Living Trust."
A Will is a legal document containing instructions for the disposition of one's assets after death.
The individual named as the executor in the Will uses these instructions to carry out the decedent's wishes by going through the court process called Probate.
Wills only take effect upon death.
Trusts can become effective during your lifetime.
The type of trust created during your life is commonly referred to as a "Living Trust."
A Will is a legal document containing instructions for the disposition of one's assets after death.
The individual named as the executor in the Will uses these instructions to carry out the decedent's wishes by going through the court process called Probate.
Family Wealth Transfer is a phrase used to describe the process of transferring property from one generation to the next in the most efficient and effective manner.
The process usually includes the use of trusts because trusts can incorporate contingency provisions in preparation for any number of events.
For example, an individual with financially secure children may wish to leave his or her money to a trust for the benefit of his or her children for their lifetimes and then upon the children's death, the trust property would be paid out to his or her grandchildren.
The process usually includes the use of trusts because trusts can incorporate contingency provisions in preparation for any number of events.
For example, an individual with financially secure children may wish to leave his or her money to a trust for the benefit of his or her children for their lifetimes and then upon the children's death, the trust property would be paid out to his or her grandchildren.
Charitable Estate Planning is the process of including gifts to charity in your Estate Plan.
By making charitable gifts during your life or in your Will or Trust, you can significantly reduce both your income tax bill, as well as your taxable estate.
To understand how such gifts can help you with your estate plan, you should understand how the Estate and Gift Tax system operates and why you should consider developing an Estate Plan.
The IRS taxes you on property that you give away.
If you give the property away during your life, the IRS imposes a Gift Tax.
By making charitable gifts during your life or in your Will or Trust, you can significantly reduce both your income tax bill, as well as your taxable estate.
To understand how such gifts can help you with your estate plan, you should understand how the Estate and Gift Tax system operates and why you should consider developing an Estate Plan.
The IRS taxes you on property that you give away.
If you give the property away during your life, the IRS imposes a Gift Tax.
Do I need a Will?
If you have children, you should have a Will.
In a Will, you can name a guardian for your children.
You will likely want to name your spouse as the guardian, but you will also need to name an alternate guardian in case both of you are not able to raise your children.
You should choose an individual who you feel would best raise your children in your absence.
You should discuss your choice with that individual or couple and make sure that he, she or they are willing to take on this responsibility.
If you have children, you should have a Will.
In a Will, you can name a guardian for your children.
You will likely want to name your spouse as the guardian, but you will also need to name an alternate guardian in case both of you are not able to raise your children.
You should choose an individual who you feel would best raise your children in your absence.
You should discuss your choice with that individual or couple and make sure that he, she or they are willing to take on this responsibility.
The annual gift tax exclusion for 2002 is $11,000.
This is the amount of money or property that an individual may give to any other person per year without incurring any gift tax liability.
For married couples who properly consent to split gifts, the exclusion is $22,000 per year, per couple.
The basis in a particular asset or property is generally the cost of the property.
It is used to compute the taxable gain on the sale or exchange of property.
Basis can be increased by such items as capital improvements or decreased by items such as depreciation.
This is the amount of money or property that an individual may give to any other person per year without incurring any gift tax liability.
For married couples who properly consent to split gifts, the exclusion is $22,000 per year, per couple.
The basis in a particular asset or property is generally the cost of the property.
It is used to compute the taxable gain on the sale or exchange of property.
Basis can be increased by such items as capital improvements or decreased by items such as depreciation.
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