Control what happens to with your belongings, your assets, your gifts, and how you want your legacy to unfold!

A will is made to facilitate the disbursement of a decedent’s assets in accordance with his or her wishes. A will can avoid federal taxes, probate taxes and even probate proceedings, limit fighting among heirs, and lessen the amount of litigation and costs involved in the handling of an estate.

Upon a petition, a person can ask a probate court to interpret and assist in carrying out the distribution of your property as stated in the will.

Therefore, a will must be specific as to the people or entities involved and as to the property it concerns.

Keep in mind that separate wills are preferable even for married couples, but those wills can be synchronized through proper drafting.

These are voluntary agreements between two people for one to manage the finances, healthcare decisions, or other specific decision category for a person.

PoA can become effective immediately or upon a specific event, depending on the drafting.

1) Reasons to create a trust

Professional management of property—IRC section 170(c)(4) allows for establishment of trusts for scientific, religious, charitable, educational, or literary purposes; preventing beneficiaries from recklessly using the property; avoiding taxes

2) Types of trusts

Bypass Trust: created to avoid federal estate taxes.

Revocable: the settlor has a right or power to revoke or change the trust at any time before their death

Irrevocable: cannot be changed or revoked by the settlor

Testamentary or Pour-Over: created within a will, which will be activated upon the testator’s death.

Companion Pets: created to provide a working fund to care for the specific animal(s) who may still need you when you’re gone.

Grandchildren or other Family Member: created to establish an escrow account, savings, or money market account during your lifetime for your grandchildren, until they become adults (a safe-guard to ensure the children receive and benefit from your bequests and legacies, free from commingling or other management by the children’s parents or guardians).

Special/Supplemental Needs:

inter vivos Gifts

Community Property Agreements

Transfer on Death Accounts

Beneficiary Deeds

Easements: can be express or implied, flexible to withstand reasonable changes in use over time, may not be overburdened, extinguishable.

An apportionment clause allocates the tax burden among the residuary estate and beneficiaries of the will. The Uniform Estate Tax Apportionment Act of 2003 has been adopted by most states and is incorporated in UPC section 3-916.