Estate planning allows people to provide direction about the management and transfer of their assets before they die and after their death, and to transfer these assets at the lowest possible Federal and State gift and estate tax. In addition, good estate planning allows you to retain control over health care decisions if you become incapacitated. Estate planning can include wills and trusts, as well as powers of attorney, living wills and health care directives.
Both state and federal laws impact estate planning and some may find that more elaborate or creative legal means are necessary to achieve their desired outcomes. Some of these more complex techniques include family limited partnerships (FLPs) and limited liability companies (LLCs); irrevocable life insurance trusts (ILITs); qualified personal residence trusts (QPRTs) and intentionally-defective grantor trusts (IDGTs).
Estate tax and other estate-related issues are hot legislative items, with new laws being passed on a regular basis. That's why a competent and experienced estate planning lawyer is an essential ally in assuring that your unique estate planning goals are understood and carried out.
If you have estate planning-related legal questions, contact us at the Law Office of Michael J. Betcher to handle your probate and estate planning needs.
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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
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