An estate plan starts with a Will or a Trust and then includes various other documents and provisions for incapacity planning and estate taxes.
During our complimentary estate planning consultation, we will discuss how wills and trusts work and help you determine whether a will or a trust will best take care of, and protect, your family. Please call (503) 641-6262 or email firstname.lastname@example.org to schedule your consultation.
Why We Do Estate Planning
We are passionate about estate planning because we administer estate's every day and repeatedly see how proper planning builds family legacies and strengthens family bonds during difficult times, while insufficient or non-existent planning exacerbates the pain from the loss of a loved one and can even lead to feuds and estrangement between family members.
How M&B Does Estate Planning
Regardless of the size of your estate, it is very important that you have a plan in place. An estate plan is not just a list of who receives your money and things.
For instance, a good estate plan will have significant incapacity planning so that your loved ones can take care of you should you become incapacitated. An Incapacity plan will save your family considerable time, energy, heartache, and money.
Additionally, your plan should have protections in place regarding how and when your child will receive money from your estate. For younger children, you can control when and how they receive their inheritance and put limitations on it so that they pay for college and needs first. For older children, we can include a Divorce Protection Trust so that if your child gets divorced, their ex will not take half of their inheritance.
Finally, for families with assets over $1 million, your estate plan should include tax planning to reduce your Oregon and Federal estate tax liability as much as possible. To calculate your potential Oregon estate taxes, click here.
When done correctly and thoughtfully, an estate plan ensures a smooth transition for your family from where you are today, through the period of physical and mental decline that most of us will face, to a time after you are gone. Our plans often include the elements above and much more.
The Estate Planning Tools We Use
Estate planning has many components, at M&B we will help you with all of them including:
- Incapacity planning to ensure that you are taken care of and there is a seamless transition of the management of your assets.
- Wills to direct gifts to your loved ones and name guardians for your children.
- Trusts, for tax purposes, to maintain better control of your assets, and as a crucial element for incapacity planning.
- Advanced Directives (Living Wills) so that your loved ones know what your wishes are regarding life support and tube feeding.
- Powers of Attorney so that someone else can act as your agent.
- Health Care Powers of Attorney so that the doctors can legally listen to your spouse, child, or friend regarding the level and nature of treatment that you wish to receive.
- Special Needs Trusts to ensure assets are available for a special need individual without impairing his or her ability to receive government support.
- Charitable Trusts to leave money to the charities that you are passionate about while receiving tax benefits today and an income stream for the rest of your life.
- Divorce Protection and Asset Protection Trusts to ensure that money you leave to a child is preserved for their use.
- Tax planning, including trusts and other strategies that allow you to continue to receive the financial benefit of your assets while reducing your gross estate and reducing your estate tax liability.
- Gifting schedules to maximize your available annual and lifetime gifting exemptions.
For complex and high net worth estates there are a number of other tools and trusts that we will create for you.