Nearly everyone will agree that estate planning is a matter of vital importance, but unfortunately, many people delay creating an estate plan with the intent of establishing one later in life. Many people are simply uncomfortable discussing the issue of what will happen upon their death, while others believe that estate planning does not apply to them. In many cases, people wait until it is too late. At Datsopoulos, MacDonald & Lind, P.C., we can guide you throughout the entire process, working to help you make informed decisions and to select the options that will most effectively protect your family and secure your assets.
The experienced attorneys at Datsopoulos, MacDonald & Lind, P.C. will work with you to determine your priorities and to review your options. We will look at several factors such as who you would like to name as your heirs, who you trust to oversee your affairs in the event that you become incapacitated, and who you would choose as your personal representative of your estate upon your passing. We will also examine your financial circumstances to determine whether you need to establish a trust in order to avoid the federal estate tax and the probate process, or if a simple will would be sufficient for the providing the smooth transfer of assets to your heirs.
We use a combination of estate planning instruments to accomplish each client’s unique estate plan. We may use a durable power of attorney to appoint someone to manage your affairs in the event that you become incapacitated. A living will would specify a client’s specific wishes concerning life support and end-of-life medical treatment. A guardianship plan could be utilized for minor children or for the client themselves in the event they become incapacitated. A simple will may be used to provide direction of your assets to a client’s intended heirs. A variety of different types of trusts, including revocable and irrevocable trusts, special needs trusts, gun trusts, family cabin trusts, dynasty trusts, QTIP Trust, gift trusts, grantor retained annuity trusts (GRATs), intentionally defective trusts (IDITs and IDGTs), and charitable trusts may also be utilized to carry out a client’s wishes. Simply put, each client’s unique estate plan will be tailored to fit their individual requests and financial situation.
With a carefully prepared estate plan in place, you can move forward into the future with the confidence and peace of mind that come with knowing the you have taken measures to ensure that your loved ones are not subjected to unnecessary stress due to legal complications after you pass away. Estate planning not only provides your loved ones with the benefits of your generosity, but also serves to prevent conflicts over inheritances by establishing clear instructions concerning the distribution of your assets.