With real estate values recovering, Federal Estate Tax liability is no longer just a concern for the wealthy. It is a real problem for many of us and it can greatly diminish the funds intended for college educations, weddings, and the care of grandchildren.
When we prepare an estate plan we recommend that it be reviewed every few years to make sure it still works. Now is a good time for such a review. Estate taxes are punishingly high. Our government may want more money, but our families need and deserve it more.
A Revocable Living Trust can help. A properly drafted Revocable Living Trust for a married couple can help to minimize estate taxes by effectively doubling the estate tax exemption. There are other advantages. A living trust is a private document. It is not recorded or filed with any court. It allows the transfer of wealth to the next generations quickly, cheaply and in confidence. Expensive and time consuming court procedures such as a Probate can be avoided. Continuing financial help and financial protection can be provided for persons who are dependent upon you such as minor children, elderly parents or a disabled family member.
In addition to assisting your family upon a death, your trust can also assist you during your lifetime by appointing a successor trustee, chosen by you, to take over management of your own affairs in the event of your incapacity due to accident, illness or age. Without such help, a court ordered and supervised guardianship might be required in the event of a catastrophic illness or accident.
Come in and have us review your estate planning needs and answer your questions. Schedule an office conference by calling any of our staff at 602-277-4441.