Probate & Trust
Advance Health Care
Estate Tax Planning
What are the main goals of estate planning?
- Preserve your wealth for your loved ones in the event of death by avoiding probate, and minimize or eliminate estate taxes.
- Appoint a guardian for your minor child(ren).
- Ensure your wishes are carried out in the event of disability.
- Have some control over distributions to loved ones, especially children, via individual trusts.
Estate planning is a very personal and complex process, and it is important to work with an experienced legal adviser. Contact Jennifer Jaynes to discuss your individual planning needs.
What’s the difference between a will and a living trust? Which one is right for me?
A living trust (or revocable trust) is a legal document similar to a will, in that it includes your instructions for what you want to happen to your assets when you die. But unlike a will, a living trust avoids probate at death and prevents the court from controlling assets at incapacity. It also provides a means to transfer assets to your loved ones in continuing trusts, as well as tax planning to avoid paying unnecessary taxes. When you set up a living trust, you transfer assets from your name to the name of your trust, which you control. Legally, your trust owns your assets, and you designate a backup trustee to handle your trust (according to your instructions) upon your incapacity or death.
Every family has a different situation, for which there are different solutions. To explore whether a living trust or a will is right for you and your family, contact Jennifer Jaynes.
What does a trustee/executor do?
What is the difference between a revocable trust and an irrevocable trust? Which one do I need?
An irrevocable trust, on the other hand, is property that is gifted to the beneficiaries of the trust at the time of creation. It is no longer owned by the individual and, therefore, is not included in the individual’s estate for estate tax purposes upon death. An irrevocable trust is irrevocable upon creation.
Every family has different needs and different goals for their estate. To explore what type of trust may be right for you and your family, contact Jennifer Jaynes.
Do I need an estate plan if I have a small estate?
To discuss preparing an estate plan, regardless of the size of your estate,contact Jennifer Jaynes.