Estate Planning Legal Services

A last will and testament is a legal document that specifies how a person’s assets will be distributed after their death. It also allows a person to name an executor to manage their estate and guardians for their minor children. Additionally, a last will and testament can be used to make specific bequests, such as gifting personal property or setting up trusts for beneficiaries. It is important to note that a last will and testament must be properly executed and witnessed in order to be considered valid by a court.

Durable Power of Attorney $250

A durable power of attorney is a legal document that allows a person, known as the “principal,” to appoint another person, known as the “agent,” to act on their behalf in financial and/or legal matters. The authority granted to the agent under a durable power of attorney typically becomes effective immediately and remains in effect even if the principal becomes incapacitated. This means that the agent can make decisions and take actions on the principal’s behalf in the event that the principal is unable to do so themselves. The principal can also specify the scope of the agent’s authority and can revoke the durable power of attorney at any time while they are still capable of making decisions.

A healthcare power of attorney, also known as a “durable power of attorney for healthcare” or a “medical power of attorney,” is a legal document that allows a person, known as the “principal,” to appoint another person, known as the “agent,” to make medical decisions on their behalf in the event that they are unable to do so themselves. This includes decisions related to treatment, surgery, medications, and end-of-life care. It is important to have a healthcare power of attorney in place to ensure that your wishes are respected and that someone you trust is making decisions on your behalf in case of incapacity.

An irrevocable trust is a trust that, once created, cannot be modified or terminated by the grantor (the person who creates the trust). This means that the assets placed in the trust are no longer under the control of the grantor and are protected from creditors, lawsuits, and estate taxes. Because the grantor no longer has control over the assets, irrevocable trusts are often used for estate planning and tax reduction strategies.
A revocable trust is a trust that can be modified or terminated by the grantor at any time, and during the grantor’s lifetime. The grantor retains the right to change the terms of the trust, add or remove assets, and even dissolve the trust entirely. The assets placed in the trust remain under the control of the grantor, and are not protected from creditors, lawsuits, and estate taxes as in the case of irrevocable trust. This type of trust is often used for estate planning and asset protection during the grantor’s lifetime.

A Dynasty Trust or Generation-Skipping Trust is a type of irrevocable trust that is designed to provide for multiple generations of beneficiaries. The trust assets are transferred to the trust and managed by a trustee for the benefit of the beneficiaries, who are typically the grantor’s descendants. The trust can be set up to last for many generations, potentially even perpetuity, depending on the state laws where it is established. The assets within the trust are protected from creditors, lawsuits, and estate taxes, and the trust can also be structured to minimize gift and estate taxes. The key feature of this trust is that it allows the assets to be passed down to future generations without the need for each generation to pay estate taxes on the assets they inherit, which is why it is called Generation-skipping trust.

A Special Needs Trust (SNT) is a type of trust that is specifically designed to provide financial support for individuals with special needs, such as those who have a physical or mental disability. These trusts are often established by a parent, grandparent, or other family member, but can also be established by a court or the individual themselves. The purpose of the trust is to ensure that the individual’s needs are met without affecting their eligibility for government benefits such as Medicaid or Supplemental Security Income (SSI). The trust can be used to pay for things such as medical expenses, therapy, education, and other items that improve the individual’s quality of life. The trust assets are managed by a trustee and are not considered as the individual’s assets for the purpose of determining their eligibility for government benefits.