The goal of estate planning is peace of mind. Everyone needs a plan for their family and their assets in the event of incapacity or death. Who will care for your minor children if something happens to you? How can you minimize estate taxation and inefficient administration of your assets? How will your family care for you if you become incapacitated? The Law Office of Michelle J. Donabed will thoroughly examine your assets and the dynamics of your family.
They will listen to your goals and recommend a thoughtful, comprehensive plan that will serve you and your family well.
Our law firm can assist you in drafting the necessary elements of an estate plan. Important components of an estate plan include:
Last Will and Testament. A will allows you to designate who will receive your property after death. With a will, you can also appoint a legal guardian for your minor children. Lastly, your will designates someone to administer your estate.
Health Care Proxy. With a health care proxy, you appoint an individual to make medical decisions for you should you become incapacitated. It also gives the health care agent specific instructions on medical treatments and life-sustaining measures.
Power of Attorney. A power of attorney is a document that appoints a person to act in your financial interests if you become incapacitated. It can be effective from the moment it is signed (immediate power) or take effect once you have been declared incapacitated (springing power).
Trusts. If you have significant assets, trusts can be used in addition to the above estate planning tools to help you protect your assets and save estate taxes while also avoiding probate. I always take the time to explain the options that are available to you and help you select the best trust for your needs.
Charitable Giving. You can give to a charity, such as a church, college, or other qualified charitable organization in your will or during your lifetime. It’s important to balance your income needs and the needs of your beneficiaries with the tax benefits of giving now, as well as the ability to enjoy the act of giving during your lifetime.
Before you choose a way to give, it’s important to understand the tax implications of your decisions. Giving as much as you want to charity during your lifetime and after you’re gone may help to reduce federal estate and gift taxes significantly.
Call Our Estate Planning Lawyer Today
With an estate plan, you can take control. Ensure that your family will be taken care of if something happens to you. Ensure that if you’re not able to make your own medical decisions, your family knows what you want- and the person you want to make those decisions is the person who has the legal right to make them. The Law Office of Michelle J. Donabed provides the personalized and attentive services you need. Call today or send us a message to get started.