Estate planning is a crucial tool you can use to help ensure your family’s future security in the event of your death or disability. The Law Office of Gary Gill can help you identify goals, explore your options, and anticipate issues you may not have considered on your own. Gary will take the time to listen to your concerns, explain the various estate planning tools and guide you in how to best accomplish your wishes. Your situation is unique and we can help you to provide for the future well-being of your family.
All types of families should have a Will and undergo estate planning; whether young or old, rich or poor. Do you want your estate to be settled in the manner you envision, or do you want to let the state decide?
Estate planning is the process of planning, managing and arranging for the handling of one’s estate at death. Estate planning typically attempts to eliminate uncertainties over the administration of an estate, insures the wishes of the decedent are implemented, and maximizes the value of the estate by reducing taxes and other expenses. With the assistance of an attorney, some property can be legally removed from the probate process through efficient estate planning by passing the property to beneficiaries before a person dies or by arranging for it to transfer directly upon death.
Estate planning can involve the use of a Last Will and Testament, trusts, beneficiary designations, gifting, powers of attorneys, health care directives and different types of property ownership such as joint tenancy with rights of survivorship, tenancy in common or tenancy by the entirety.
The term "estate" consists of all the property a person owns or controls, whether in his or her sole name, held in a partnership, in a joint ownership arrangement, or through a trust, and all other monies that would be generated on the person's death, such as through life insurance, pension plans, IRAs, Keoghs and 401(k) accounts.
Contrary to popular belief, estate planning involves much more than preparing a Last Will and Testament (and it is not only for the rich!); anybody who wants to control where and to whom their property and monies pass, needs a Will. It is estimated that almost 60% of Americans die without any sort of estate planning.
Do not let the estate planning process and estate administration overwhelm you. Contact Gary Gill at 206-621-1600 to begin this important undertaking.
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