Estate / Trust Planning

Proper planning can yield immediate benefits today and for years to come.  Planning should have as one of its goals the design of the estate you wish to leave to your loved ones.

Perhaps more importantly, your planning should involve a comprehensive review of your present personal and financial circumstances.  One of our objectives is to ensure that your estate is properly structured to assure you an optimal lifestyle now and in your later years.

Thus, the right estate plan can and should ensure that you control your property as you want during your life, as well as upon your death.  Your property includes, among other things, your earnings, retirement benefits, real estate and business interests, and insurance policies. Bayliss and Associates has partnered with the financial services firm, Wealth Strategies to make estate planning a much easier process for you. Wealth Strategies has solid experience when it comes to asking the hard questions associated with an estate plan, but can assure you, it will give you (and your loved ones) a great sense of peace when it is finished.

There is no specific age by which you necessarily should have an estate plan in place.  We recommend that every adult have an estate plan.  Disability and incapacity may occur at any age, and those conditions can be managed far more successfully with prior planning.  For those with minor children, it is advisable to make your guardianship preferences known in advance in your estate plan, rather than to allow the court to make those important decisions for you.

For many, minimizing estate and other taxes is not their first estate planning concern.  Maintaining and improving their lifestyles, and the lifestyles and opportunities of their loved ones, is often more important.

Elements of a Basic Estate Plan

A basic estate plan typically includes several documents:

The primary document is your revocable trust or will. 

• A supplemental will used in conjunction with a revocable living trust, to effect your guardian nominations and to properly designate the eventual beneficiaries of any property that you do not include in your living trust. 
   

• A durable power of attorney for health care, or health care proxy. A general durable power of attorney is often used in conjunction with a will, to enable someone you trust to handle your affairs in the event you become incapacitated.
   

• A special durable power of attorney is often used in conjunction with a revocable living trust, to enable third parties to deposit money or other property to your trust when you are disabled.  It does not allow your money or other property in your trust to be withdrawn.
   

• A living will provides treatment directions for your physicians in the event you become terminally ill.
   

• A homestead declaration can protect a portion of the equity in your home from most debts incurred after the filing of the declaration other than taxes and child support. 

Contact us to discuss a wealth transfer plan for your estate.