Estate planning means taking care of yourself and your loved ones. Your estate plan is your written document infused with legal language instructing your loved ones on the kind of medical care you would like in the future. Your estate plan outlines who and/or how you would like to control your assets when you are no longer able to take care of yourself. Utilizing our expertise in estate planning, we can prepare your estate plan during your life and execute on your plan when you pass, through the use of trusts, wills, and other planning documents.
WILLS & TRUSTS
A common question asked of estate planning attorneys is, “Do I need a will or do I need a trust?” The answer depends on your personal needs and assets within your estate plan.
Your will is a written document that outlines your intentions after you pass away and dictates who will dispose of or inherit your property. A last will and testament must go through probate.
With trusts, you have a higher level of control over your assets and you avoid probate. Your property will be moved into a trust during your lifetime and the trust will hold ownership of the property, of which your beneficiaries will receive after you pass away.
Incorporating a will or trust into your estate plan can help manage the unexpected. In some cases, a guardian can be appointed for a minor child. Your family may be non-traditional or be a blended family which can require special attention. Sometimes seniors are “orphaned”, which means that they do not have a spouse or children and they need help developing possible agents to make medical or financial decisions. Regardless of your individual needs, having an attorney craft legal documents, like a will or trust, will help safeguard assets included in your estate plan.
Pets are part of the family, too. Planning for your pets’ future is an aspect we can build into your estate plan. When you are no longer able to manage your own affairs, estate planning can determine what happens with the care of your pets. We discuss who will care for your pets in an emergency, in case of disability, and death.
For example, many people decide to leave money to the person who is going to care for their pets. The money is designated to be used for the animals’ food, medicine, veterinary visits, etc. We provide our clients with resources to help them plan for their pets, such as, quick tips and information for their pets’ caregiver.
If your pets need special care or may outlive you by decades, or you own outdoor animals, such as, a horse, clients consider a Pet Trust because the expenses for these pets and animals are different than your usual household pet. Depending on your individual situation, we will guide you to the best solution. Let Griboff Law help you plan for “(wo)man’s best friend” – your pet.
Did you know, your estate plan can be used to help reduce taxes? You can maximize your wealth and reduce how much the government can take by utilizing your will, trusts, and other types of estate planning documents.
Incorporating tax planning into your overall estate plan is one of the many ways to reduce what you owe in federal and state taxes. Our firm optimizes your estate plan with tax liability in mind. You can be confident that your estate will be managed for the highest possible growth, protections, and wealth development in the future.
Griboff Law is here to help you and your loved ones understand Elder Law, Estate Planning, and Medicaid Planning. We welcome you to contact us to learn more about how we can help meet your Estate Planning needs.