Wills, Trusts, Estate Planning Services
The term “estate planning” refers to the process of creating the legal and financial arrangements necessary for an individual, or the members of a family generation, to effectively manage assets during life, and to pass those assets to designated beneficiaries at death, with a minimum of involvement with, and payment of money to, courts and taxing authorities. Most people prefer to avoid court proceedings such as guardianships, conservatorships and probate, and all people prefer to reduce or eliminate exposure to death taxes. A well designed estate plan will accomplish these goals.
The fundamental questions to be addressed in an estate plan are:
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How do you want your assets managed and distributed during your life?
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To whom do you want your assets to go upon your death?
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Whom do you wish to designate to handle your affairs during your life if you are unable, and after your death?
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If you have an estate which may be subject to a federal or state death tax, how much complexity and expense are you willing to tolerate in order to reduce or eliminate the tax exposure?
The first basic area, management and distribution of assets during life, involves numerous detailed concerns.
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Do you want to create a business matters power of attorney to authorize a spouse, child or trusted friend to handle your affairs if you are unable or otherwise unavailable?
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If so, should that authority be in effect immediately, or only if you are incapacitated, and if the latter, how should the incapacity be determined?
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What would be the scope of the authority? Should the agent be allowed to make gifts from your funds if you had established a pattern of gifting? If so, should the agent be allowed to gift to himself? Could he sell your home or farm to pay for the cost of your care?
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What instructions would you have regarding the application of your funds to your care on the one hand, or preservation of your funds for your childrens’ inheritance on the other? Do you want the best care for yourself that money can buy, or do you want your assets protected if possible from the costs of nursing home care?
A related concern was recently sensationalized in the media in the Terry Shaivo case. Everyone, young or old, should have a completed medical directive. Called an Advance Directive in Oregon, and a Health Care Power of Attorney in Washington, this document provides direction to health care providers with regard to the use of life support measures such as respirators and feeding tubes, and designates a health care representative to make decisions for you if you cannot. These documents are widely available from other sources, but we can prepare them for you as well.
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