We strongly encourage all of our clients to have an estate plan. A carefully drafted estate plan provides many benefits. Most importantly, an estate plan provides for the responsible management of your assets and ensures that your spouse, children and other loved ones are provided for in a manner directed by you following your death or incapacitation. Depending upon the size of your estate, a carefully drafted plan will also help to reduce, and in some cases, completely avoid estate taxes.
While estate plans need to be tailored to the specific needs of individuals and their circumstances, most estate plans will include the following:
1. A Will
2. A Durable Power of Attorney
3. A Health Care Proxy
4. A Revocable or Testamentary Trust
In addition, many estate plans will also include some form of an irrevocable trust, most typically for holding life insurance policies.
There are a wide range of estate planning strategies available to help fit your estate plan to your specific needs including Life Insurance Trusts, Charitable Remainder Trusts, Family Limited Partnerships and others.
Our goal at McCue, Lee & Greene, LLP is to provide our clients with careful and personalized service and to complete the estate planning process in a timely and cost effective manner.
If you are interested in estate planning, please download a copy of our Tax and Estate Planning Questionnaire.