Avon Estate Planning Lawyer
Many people put off estate planning until it is either too late, or they delay to the point where they cannot take advantage of some of the more beneficial tools, such as strategic gifting to spend down their taxable estate. We encourage you to take action now. Estate planning does not have to be hard, but the complexities of it should be handled by an experienced Avon estate planning lawyer, such as Brian S. Karpe.
What Does Having a Simple Will Mean?
A simple will, also called a basic will or just a plain will, is the cornerstone to every estate plan. It is the only required legal document of an estate plan. While trusts, power of attorney, and other legal tools and documents are of incredible value when it comes to strengthening your estate plan, a simple will is the only absolute requirement. A will names guardians of any potential minor children, names beneficiaries and describes how assets should be distributed, can be used to reveal where assets are located, can tell the executor what funds should be used to pay debts, and describes your final wishes.
Trusts Are Used to Protect Assets From Creditors and Lawsuits, Reduce Taxes, and Carry Out Your Distribution Wishes
Trusts have many purposes. Some types of trusts are used to protect assets from creditors and taxation, while the purpose of others is to define how the funds should be used or not used. There are two forms of trusts: revocable and irrevocable. Revocable trusts can be modified during the grantor’s lifetime, while irrevocable trusts cannot be modified and the funds cannot be taken out by the grantor. Some of the more common and useful types of estate planning trusts include the following:
- Testamentary Trust—This type of trust is created by a provision in the decedent’s will. At the time of their death, the testamentary trust is created, and is used to reduce estate taxes and pass inheritance to beneficiaries.
- AB Trusts—These types of trusts (there is one for Spouse A and one for Spouse B) are used to avoid estate taxes.
- Spendthrift Trusts—A spendthrift trust is usually created for minor children or grandchildren, as the trustee has a great degree of power and discretion about how the funds shall be used.
- Special Needs Trust—A special needs trust can be used by an older adult to reduce the amount of their personal assets, making them eligible for Medicaid or SSI benefits, without simply having to give or spend all of their hard-earned assets away.
- Joint Trust—A joint trust is another type of marital trust. They are created by both spouses, and when the first spouse passes away, all of the assets go to the surviving spouse. The surviving spouse cannot alter the trust at this stage. When the surviving spouse passes away, all of the assets go to the couple’s heirs.
Call an Avon Estate Planning Lawyer Today
In addition to trusts and wills, we also handle power of attorney, advanced healthcare directives, healthcare power of attorney and healthcare proxies, probate administration, and more. To speak with an experienced Avon estate planning lawyer, call Brian S. Karpe today at 860-217-1458 to schedule a free consultation.