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Essentially it is an attempt to see
the future and plan for it. You first need to visualize the course of
your working years, the kind of retirement you will want, and your
hopes and dreams for your family. Once you have visualized the future,
you can make plans to meet it. A well thought out estate plan involves
a lot more than a simple will or trust.
The plan needs to deal with your retirement, the possibility of your
death or disability, and the support and encouragement that your spouse
and children will need even if you are not there.
The plan also needs to deal with your assets, how best to organize and
manage them into the future. Keeping them from probate, minimizing
taxation during life and at your death. Preventing them from being
squandered after your death.
All of that sounds daunting, but like anything else if you break it
into parts and accomplish one part at a time, the completed structure
becomes a lot easier to achieve.
| Here are the
steps we recommend: |
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| 1. |
Consider
your own needs. That is, plan for the possibility of your
disability, then for your retirement years. |
| 2. |
Consider your family. Your hopes and aspirations for them and their
dreams and goals. Perhaps that is best done by answering the old
questions, Where do I want my family to be in 20 years? Where do they
want to be in 20 years? What do I need to do to help them get
there? |
| 3. |
Make a statement of your assets
and liabilities as they are today. |
| 4. |
Make a separate statement of what you expect your assets and
liabilities to be say 10 years in the future. |
| 5. |
Determine how those assets should be organized or managed to
support your own needs now, in case of disability, and upon your
retirement. |
| 6. |
Determine how those assets should be organized or managed in case
you should die to support your hopes for your family. |
| 7. |
Consider whether you need to supplement your assets with liability
insurance, life insurance or long term care insurance. |
| 8. |
Consider the impact of probate costs, estate taxes, and income taxes
on your estate. |
| 9. |
Consider the need for asset
protection measures. |
| 10. |
Discuss your situation with our
financial advisors. |
Once you have taken each of above steps you know what your plan needs
to address. For some it is nothing more than a simple will, perhaps a
durable power of attorney, and a health care directive. Others with
complicated situations may need to have complex trusts, new business
entities created, and undertake take various other planning actions.
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What does an estate plan cost? |
Your goal is to get what you need at
a reasonable price. Our goal is to provide that to you. If you are
buying a one size fits all shirt, you go to the store, choose one that
appeals to you, pay for it, take it home and use it. You do not need to
involve yourself in the details of making the cloth, tailoring the
shirt, and marketing it. An estate plan is considerably more complex.
Attorneys charge by the hour for helping you develop your plan. For
that reason, the more you know about what you need before you begin
working with the attorney, the less the completed plan will cost you.
On your initial contact with an attorney, make sure you ask about fees
and charges. Most attorneys at the end of your first appointment will
send you a letter outlining the services that they believe you need and
the total cost to you of those services.
If you reside in Oregon or New Mexico
I can be your attorney. I provide services by telephone, email and in
person. Representation usually begins with a call or email from a
prospective client. Information is taken either in person or by a
mailed out questionnaire. Follow up contacts are made to discuss the
situation. When it is appropriate for me to be your attorney, I prepare
a letter setting out what is to be done and the fees and costs to be
charged. The entire process is often completed without the need to come
to my office.
As with all estate planning,
anyone considering a will should contact an attorney who is skilled and
experienced in this area. |
