Estate Planning, Wills, Trusts, Elder Law, Estate and Gift Tax
ESTATE PLANNING TIPS
ONE’S ESTATE PLANNING DOCUMENTS SHOULD BE KEPT IN A SAFE PLACE, TOGETHER WITH A LIST OF ONE’S ASSETS, AND A LIST OF PROFESSIONALS (NAMES, ADDRESSES, AND TELEPHONE NUMBERS) WITH WHOM ONE’S LEGAL REPRESENTATIVES MAY CONSULT. THE BEST DRAFTED ESTATE PLAN WILL BECOME USELESS IF YOUR LEGAL REPRESENTATIVES CANNOT LOCATE YOUR ASSETS.
THE MORE PLANNING YOU DO FOR YOUR FAMILY BEFORE DEATH, THE LESS CHAOS YOUR FAMILY WILL EXPERIENCE AFTER YOUR DEATH.
Attorney Bell has extensive experience in the creation and administration of Wills, Trusts, Estates, and related estate planning vehicles. Attorney Bell is also well versed in matters relating to estate and gift tax taxation, the preparation of federal and state estate tax returns, and in proper tax reporting for estates and trusts.
Attorney Bell makes it a priority to stay up-to-date in the ever changing federal and state estate tax laws and regulations.
Depending on the size of an individual's estate, federal and state estate tax may be due. A good estate plan can significantly reduce or eliminate estate tax. The failure to have an estate plan in these circumstances could cost the decedent and his family a significant amount of money.
A typical Estate Plan consists of:
A Will (often with testamentary trusts and guardians for children until they reach a certain age) or a Living Trust
A Durable Financial Power of Attorney
A Health Care Power of Attorney (oftentimes referred to as a “Living Will”)
Disposition of Deceased Remains and prearranged funeral.
Beneficiary designations for life insurance, individual retirement accounts (“IRA”), retirement plans, annuities, and payable on death accounts which dovetail with one’s dispositive intentions in the Will.
"By failing to prepare, you are preparing to fail."