Estate Planning is the common name given to the process of creating a set of legal documents to address various scenarios for a client who might become unable to manage his or her own “estate.” In this context, the word “estate” simply means “the stuff I own,” such as my house, my business, my savings and other financial accounts, and my personal property.
An effective set of estate planning documents will of course address the management and distribution of the “estate” after death, and will see to it that the benefits of your life’s work and savings are efficiently and effectively passed to your heirs. The efficiency and effectiveness here can include tax minimization, planning for a beneficiary with special needs or substance abuse or gambling problems, or protecting the estate from an untrustworthy son or daughter-in-law, for example. Furthermore, an effective estate plan can minimize estate, inheritance, and other taxes; with each attorney at the firm possessing an advanced law degree (LL.M.) in taxation, the attorneys at Bennett Law LLC, are uniquely qualified to handle all tax-related facets of estate planning..
Too many people put off the estate planning process because of the misconception that it is complicated. In reality, most client needs can be addressed in 1-2 in-person meetings, and with a few simple estate planning documents such as a Last Will and Testament, Powers of Attorney, and a Living Will.
Most Trust and Estate attorneys focus their guidance on “after death” planning, but fail to pay appropriate attention to “during life” planning. This is a mistake. It makes little sense to spend the time and effort to create a sterling estate plan to take effect in the event of death and then not have a good plan for management and preservation of one’s estate in the event of incapacity or long term care needs. Some attorneys view this planning to be the responsibility of an “elder law” attorney; however, this distinction is old fashioned and not practically useful. In the long run, “elder law” attorneys and “trust and estate” attorneys often use the same tools and toolkits to resolve client needs, most notably Powers of Attorney, Living Wills, and Trusts. The attorneys at Bennett Law LLC, are fully equipped to guide clients on these “during life” needs.