Once a client decides on whether a Will Plan or a Trust Plan is the more appropriate method of fulfilling their estate planning goals, we can begin the process of transforming a set of documents into a plan. A proper estate plan may start with either a Will or Trust, but it is the inclusion and addition of a group of very important documents that will create the plan. These other documents include: Financial Power of Attorney, Health Care Power of Attorney, Living Wills, HIPAA Releases, Asset Coordination, Ancillary Documents, Family Meetings and Trustee / Fiduciary Training. All these documents are including in the costs associated with the creation of the client's estate plan.
Will Plans are the basic means for declaring your wishes about the disposition of your wealth and possessions to your beneficiaries, guardianship for minor children, and designation of those people that are responsible for carrying out your instructions after you pass away.
Trust Plans are the Swiss Army Knives of Estate Planning, they can do a multitude of different things, there is a wide variety of trusts for almost any situation, and they are customizable within reason and the law to fulfill the goals of most clients. The choice of either a revocable trust or an irrevocable trust will depend on your wants and goals for the estate plan. We can then build a trust that will best serve those needs. All trust plans also include a Pour-Over Will.
Trusts are unique estate planning tools as they can perform the duties of three other legal entities: they act as a corporation, in that they can own property, stocks, real estate, almost anything that is not a Qualified Retirement Fund; they act like a will, in that they provide for the disposition of your assets and property upon your death and designate the fiduciaries responsible for administering your estate; and they act as powers of attorney, in that a trust will provide direction and guidance for the maintenance of your trust assets during any unforeseen incapacity.
Estate planning is not death planning, instead it is planning for all phases of your life. The estate plans we create will prepare a family for the future life, possible incapacity, and eventually death of a loved one. The goals of each family are unique to that family; our estate planning process is designed to discover those goals and then build a unique and comprehensive estate plan to fulfill those specific goals. We accomplish is by coordinating the relationships, finances, and healthcare needs of the client within each distinct estate plan.
Families have many different goals including ease of administration, having an organized estate, planning for a blended family of a second or third marriage, avoiding the morbid scavengerhunt, maintaining family harmony, tax planning, inheritance/estate tax reduction, asset protection, probate avoidance, charitable planning, planning for incapacity, special needs planning, pet trusts, same sex estate planning, guardian or conservatorships, or dynasty building. Whatever your family's goals are we will work with you to create a customized plan to meet those goals.
At the Law Office of David T. Siegel, Esq., LLC, estate plans begin as either a Will Plan or a Trust Plan.
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235 North Sycamore Street, Newtown, Pa 18940
Estate Planning | Special Needs Planning | Elder Law
Law Office of David T. Siegel, Esq., LLC