What Exactly is Estate Planning

Estate planning: planning for death with the minimum amount of taxes and legal costs possible to get the assets you want, what you want the way you want.You may want to check out Estate Planning for more.

Elder Law: Disability preparation to get the people you want to manage your affairs and to protect your assets from long-term care being exhausted.

One of the most satisfying and professionally fulfilling occupations an attorney can choose is to practise estate planning and elderly law. Imagine a field of work where the customers appreciate your understanding and treat you with compassion and courtesy. In a timely manner, they pay your fees and inform their friends how much they enjoyed working with you and your company. You rarely face the burden of a deadline at the same time, much less an adversarial attorney on the other side of a matter seeking to give you the best. In most cases, you behave in the capacity of a prosecutor (trusted advisor) rather than a lawyer (professional representative).

We spend our days meeting clients, learning about their lives and their families and discussing their worries and concerns. We build solutions, often elegant, to the old problem of moving assets from one generation to another as quickly and painlessly as possible, through our expertise, training, experience and creativity. At the same time, to the degree that the law requires, we also aim to shield those funds from being drained by taxes, legal fees and nursing home costs.

The end result of this process is a client who feels comfortable and confident in the knowledge that they have all their bases covered in case of death or disability. They can get on with the business of living their lives, having gained peace of mind that their future is well planned and in good hands. For the lawyer, a happier and pleased client has been introduced to the practise and another partnership has started that is potentially lifelong and mutually satisfying. To maintain this enviable state of affairs, let’s look at the tactics and techniques we use.

One of the ways we assist clients is to set out a detailed plan so that they can escape legal action in the event of death or disability. Trusts are used by elderly people in lieu of wills because they do not require legal proceedings to resolve the estate. The international probate procedure required for property owned in another state known as ancillary probate, is often avoided by trusts. This saves the family time, as well as the high costs of legal action, when settling the estate. In addition, because revocable living trusts take effect over the lifetime of the grantor, unlike wills, the consumer can stipulate which individuals take over in the event of their disability. Planning ahead helps keep the family or trusted advisors in check and prevents a situation that may not be in the best interest of the client. In the case of a disability, for example, if no arrangement has been placed in place, a request could be requested from the court to have a legal guardian appointed for the disabled individual. This may not be the person that would have been preferred by the client. In such a situation, the funds can not be exchanged without court consent, which may or may not be given, to prevent them from being expended on nursing home costs.