HAVE YOU DONE PROPER ESTATE PLANNING?
WHY CREATE AN ESTATE PLAN?
WHO NEEDS AN ESTATE PLAN?
WHAT IS PROPER ESTATE PLANNING?
WHY DO I NEED A CUSTOM ESTATE PLAN?
WHY NOT USE SELF-HELP WEBSITES OR SOFTWARE?
WHY CHOOSE THE LAW OFFICES OF MARK E. LEWIS & ASSOCIATES TO CREATE MY ESTATE PLAN?
Everyone has an estate plan, whether intentionally or by default. If you think you have no plan because you have not made out a will or a trust, you still have a plan — it is simply one that will be dictated by the laws of your state upon your death.
Intestacy
• dying without a will
• state law dictates distribution which you may not want
• usually requires probate court proceeding
Will
• written instruction to court
• you select your distribution
• usually requires probate court proceeding
Living Trust
• you select your distribution
• usually avoids probate court proceeding
• provides benefit while you are alive
• Greatly reduced administrative costs at time of death or incapacity
• Immediate access to assets without court intervention
• Avoiding or minimizing burdensome estate tax
• Establishes your choice of Guardians to protect your children
• Immediate authority of Guardians over children’s inheritance
• Asset protection for children
Any competent person over the age of 18. The question of how extensive of a plan is needed depends on the assets a person holds, and the number and age of any children for whom someone is responsible. A well-crafted estate plan is especially important for those families caring for a special needs dependent or aging loved one.
Proper estate planning involves a plan that is carefully designed to meet your goals. It requires a cooperative effort between you, your attorney, and other appropriate members of your estate planning "team," such as a financial planner, a life insurance agent, and a CPA. The plan should not be thought of as a product-oriented series of individual transactions, but rather a “team effort” to provide a comprehensive evaluation and subsequent development of a plan to protect you and your loved ones into the future.
The development of your estate plan is an ongoing process that evolves as your needs, goals, and family change, as the laws change, and as new estate planning tools and techniques are developed. It is a process of continually evolving entrance, growth, maintenance, and exit strategies. Proper planning requires professional thoroughness that respects the overall well-being of you and your family.
Your goals should include the following:
• Control of your assets during your life.
• A business exit strategy if you have an ownership interest in a business.
• Providing instructions for your care and the management of your assets for you and your family if you become incapacitated.
• Protecting the assets you leave your spouse, children or other beneficiaries from creditors and unscrupulous persons.
• Developing a plan of distribution that will leave your assets to whom you want, when you want, and with whatever controls you want.
• Avoiding probate.
• Saving the greatest amount of taxes and post-death administrative costs possible - not only in your own estate, but in the estates of your spouse and your descendants.
One of the main functions of an estate plan is to minimize expense and effort when a person becomes incapacitated or dies. Minimizing expense and effort means avoiding the Probate court, if possible. Nothing will place a person or their assets in Probate court faster than a poorly written estate plan. Using websites or software, individuals often force the program to insert words or phrases which they do not realize will destroy the ability of the document to do its job. Even when these documents are ‘correct’ on their face, they are never able to handle all the contingency plans that must be written into a good estate plan. Every step or element of a written estate plan that is misaligned with the other elements threatens to destroy the efficiency of the entire plan. Even the best designed website or software program is no substitute for the benefits of an ongoing, personal relationship with your own attorney.
Competence. With over 20 years of estate planning experience, our firm is excellent at designing, assembling and implementing creative solutions tailored to each client’s specific needs.
Care. Our relationship with our clients is more than just a business transaction. We have as our mission and commitment the complete care of a family in planning for and handling difficult circumstances.
Consistency. We will be here during your crisis to handle the necessary administration of the documents we design for you.
Commitment. In our firm, you begin the development of a lifelong involvement where we grow and evolve with you as your needs change. Regular updates and review meetings are recommended and available.
Since 1997, The Law Offices of Mark E. Lewis & Associates is here to help you protect you and your family into the future!
PLAN
PROTECT
PRESERVE
