Pike County Estate Planning Attorney
Estate planning attorneys can do much more than help you draft your will. We can do that too, but that’s only the beginning. Planning your estate also means protecting your assets, setting up trusts for your children and grandchildren, and interesting ways to reduce your tax burden or avoid probate.
If you need help planning your estate or preparing your assets for your heirs, the Pike County estate planning attorneys at Farley & Weed, LLC can help you. Give us a call or contact us online and we can tailor a plan that meets your individual needs.
What to Know about Estate Planning Lawyers
When you come into our office, we will sit down and chat about your financial situation and your individual goals insofar as planning your estate goes. This can include things like:
- How you can reduce or avoid taxes
- How you can protect your spouse in the event of your death
- How revocable and irrevocable trusts can be used to pass on your assets
- How you can protect your children in the event of your death
- How you can preserve your estate using dynasty trusts and education trusts
- How you can avoid probate using living trusts
- How you can manage complicated family situations such as children from multiple spouses
- How you can avoid disputes or your will and how you can draft a will that will hold up in litigation
- How you can plan for the succession of a business or the partial ownership of a business
- How you can set up durable power of attorney
This includes planning for children who may have special needs. Our attorneys will discuss your options and which estate planning tools are best suited to protect those who you care about the most.
The Use of Trusts in Estate Planning
Those who rely on wills to disburse their assets must go through the process of probate. Probate entails the executor of your estate working in tandem with the court toward the disbursal of your assets. For those with a small amount of assets, this may be all they need. But those with large estates are better off not letting everything pass through probate.
The use of revocable or irrevocable living trusts that can be disbursed on the moment of your passing allows you to avoid the probate process. It can also help you protect assets from creditors. When assets pass through probate, the first people to get dibs on your stuff are creditors who have not yet been paid off. While certain asset transfers are a matter of public record, like real estate, other kinds of assets can be disbursed by your trustee before creditors can make a claim on them.
Utilizing trusts to disburse your assets has other advantages as well. Your heirs will not have to wait through the probate process and the transfers will not be a matter of public record.
Contact a Pike County Estate Planning Attorney Today
For more information on these and other issues, contact the office of Farley & Weed, LLC and we can begin discussing your options today.