The right combination of wills and trusts is an important part of any comprehensive estate plan. Mark S. Frank, Attorney at Law, takes the time to listen to client concerns, answer questions and help craft a detailed estate plan.
Avoid Costly, Unnecessary Conflicts
Wills and trusts allow an individual to distribute personal property to specific people. A well prepared probate plan enables our clients’ heirs and surviving family members avoid costly and unnecessary conflicts.
As part of a comprehensive estate planning process, wills and trusts have a variety of functions, including:
- designation of retirement accounts
- wishes for a funeral or memorial
- living wills
Guardianship of Minor Children
It is never too early to start considering a will, and is especially important for couples of all ages with minor children. Provisions in the law permit the designation of a guardian for children who are minors at the time of parents’ death. If the parents do not take precautions, the state may step in to appoint a guardian for minor children.
Putting property in certain trusts allows an individual to retain control over it. Learn the variety of trusts, including living trusts, and how they work so you can determine the best fit.
Elder care trusts include relinquishing interest in property in order to avoid certain taxes and potential spend-downs which may be required by the Medicaid and Medicare systems in later years.