The Objective: The objective of estate planning is to direct the distribution of your assets in the most appropriate manner based upon your goals and objectives. Where minor children are involved, it also allows you to have some input into who will be the guardians of the children and who will have a fiduciary responsibility for any assets that you may leave to your minor children. Estate planning involves not only documents and decisions that take effect upon your death, such as wills and beneficiary designations, but also actions that you can take during your lifetime to further your goals and objectives, such as gifting programs, living trusts and family partnerships.

Process: We will sit down with you and explore what you want to have happen if you should pass away. Let's face it, this is the last chance that you will have to make a mark on the world. After we have set out your goals and objectives, we will look at the various options for accomplishing your goals and objectives. These different options will usually involve some trade-off between control (who gets which assets, when they get these assets and how they get these assets) and cost (estate taxes, attorneys' fees and fees to establish trusts, etc.). We will work with you to draw up a plan that we feel best suits your needs.

Once we have this plan, it will then be necessary to bring in an attorney. The attorney's job will be to review the plan with you, critique it, improve upon it and draw up the documents required to implement it. We will then work with you to re-title assets, make beneficiary designation changes or take whatever other actions are needed to implement the plan.

Why it's important: Proper and timely estate planning is one of the most crucial pieces of planning we do for our clients. Since we are intimately involved with the family and its financial situation, we are in the best position to provide advice and act as a sounding board for these difficult issues. In addition, we also continuously monitor and review your estate plan. As your financial circumstances and the tax laws change, we will review these changes with you and see whether your plan needs to be altered.