How Can We Help You With Estate Planning?
Planning ahead for the passing of your estate, is the one of the most important things that you can do to protect the value of your estate for your beneﬁciaries. Kimmel Law can guide you on how to design and enforce the plan you have in mind on how to distribute your estate after you are gone.
Here are a few of the ways that Kimmel Law can help:
Drawing a Will or forming a Trust provides what is called a “Testamentary Document” that will give instructions about how you want your estate distributed.
Some types of property, such as Joint Property or Property with a Beneficiary Designation are not included in your estate and will pass as designated. On the other hand, there are multiple circumstances in which a surviving family member may renounce a will to receive benefits other then what the will stipulated. We will give you direction on these and other special considerations that need to be a part of your plan design.
Life has a way of changing some times drastically over time. Babies are born, loved ones pass, and ﬁnancial circumstances are altered. Because of this, we suggest that every 5 years or after any life changing event that you review your plans again.
A child under 18, a disabled child or adult, a spouse, and grand children each require additional considerations that are only answered by a proper trust, to protect any qualiﬁcation for government beneﬁts, or simply ensure that the beneﬁt is delivered in exactly the way you intend it to without interference from the court or other family members.
A Trust requires no probate, so the estate administration is not public, adding an element of privacy.
Specially drafted trusts can allow the beneficiary to stay, or become eligible for government programs such as Medicaid and Supplemental Security Income.
Currently, if your estate is more than $5 Million, your beneficiaries will pay approximately 45% of your estate which exceeds the $5 Million in Estate Taxes. These rules are ever changing, and planning techniques can save your beneficiaries substantial sums of money.