Honesdale Estate Planning Attorney
At Farley & Bernathy LLC, our Honesdale estate planning attorneys cannot emphasize enough how important it is to take care of your estate plans sooner rather than later. While we understand that wills, trusts, and other related documents are the last thing you want to think about when you are in the prime of your life, in your prime is exactly when such matters should be dealt with. When you take care of such complex matters early on, you can secure your own financial future as well as that of your family’s.
Over 40 Years of Estate Planning Experience
Our partners at Farley & Bernathy LLC, have over 40 years of legal experience, much of which has been spent helping clients prepare their wills, simple trusts, and other estate planning documents. From their extensive experience, our attorneys have learned that estate planning requires taking into account one’s specific family goals, needs, the particular type of assets in question, and how those assets are titled and owned. They also know to take into consideration estate and inheritance taxes as well as income taxes to devise custom crafted documents that will help clients achieve their overall goals. Some such documents include wills, trusts, durable power of attorneys, beneficiary designations, and medical directives/living wills.
How We are Prepared to Help You
Estate planning is complex in and of itself, but it can become even more so when certain variables exist, such as split family situations, unusual assets, and liquidity needs. Our Wayne County estate planning attorneys work closely with our clients to determine what unique circumstances dictate their situations and to craft a solution that will best fit their needs. Some matters we routinely assist clients with are as follows:
- Wills, trusts, and guardianships;
- Powers of attorneys;
- Living wills/advance directives;
- Charitable gift planning;
- Federal gift and estate tax planning;
- Retirement plan distributions; and
- Generation-skipping tax planning.
Some techniques we use to help our clients achieve their overall estate planning goals are the following:
- ILIT – Irrevocable Life Insurance Trust;
- CLT – Charitable Lead Trust;
- CRAT – Charitable Remainder Annuity Trust;
- QPRT – Qualified Personal Residence Trust;
- QTIP – Qualified Terminable Interest in Property;
- SCIN – Self-Cancelling Installment Note; and
- GRAT – Grantor Retained Annuity Trust.
When it comes to estate planning, one can use more than just a will to ensure that his or her assets are safeguarded and distributed in accordance with his or her wishes. In fact, though a will is certainly necessary and effective, it is one of the least efficient documents one can use—both monetarily and time-wise. If you want to reduce your loved ones’ future tax burden and make the distribution of your estate as seamless and hassle-free as possible, talk to your estate planning attorney about utilizing one or more of the aforementioned techniques.
Contact Our Honesdale Estate Planning Attorneys Today
Estate planning may not be something you want to think about, but it is necessary that you begin planning sooner rather than later. Let our estate planning attorneys at Farley & Bernathy LLC, guide you through the process and set both you and your loved ones up for a secure financial future. Contact our office today to get started.