Estate Planning

None of us want to spend a great deal of time considering our own death or disability. However, by taking advantage of the Power of Planning you have the ability to provide your family with a strategic, comprehensive estate plan that can spare your loved ones the expense, delay and frustration associated with managing your affairs when you pass away or become disabled.

 

We know and understand that in real life, one size does not fit all and the attorneys at Tomac & Tomac create customized estate plans designed to work for individuals and families in all stages of life.  A comprehensive estate plan typically consists of some or all of the following documents

·      Wills – A “Will” is the document that most people imagine when they contemplate creating an estate plan.  This document names an Executor, can name guardians for minor children and can set out who will receive certain property after you pass away.

·      Trusts – Trusts have been used for hundreds of years for a host of different purposes.  This wide variety of functions has given rise to numerous misconceptions about trusts. Simply put, a trust is a mechanism that allows one party to hold title to property of another.  The use of trusts in estate planning is invaluable and can be used to accomplish a number of different goals, including but not limited to: privacy, probate avoidance, asset protections, and tax planning,

·      Powers of Attorney – Powers of Attorney are documents that allow an individual to give an agent the authority to act on their behalf.  These documents are only effective while the individual is still alive and can be drafted in such a way to allow the agent to act during and individual’s incapacity.  Often an individual will draft one Financial Power of Attorney for financial matters and another Healthcare Power of Attorney for healthcare and medical matters.

·      Living Wills – A Living Will is a document used to specify your wishes related to end of life care.

·      Advanced Planning Strategies – Often, families need planning strategies that go beyond the typical estate plan.  Our attorneys have experience determining when more advanced strategies are necessary and incorporating those strategies for an effective overall plan including:

o   Irrevocable Trusts

o   Domestic Asset Protection Trusts

o   Irrevocable Life Insurance Trusts (ILITs)

o   Supplemental/Special Needs Trusts

o   Family Limited Liability Companies

o   Family Limited Partnerships

o   Closely Held Corporations

o   Business Succession Planning

 

When working with Tomac & Tomac, you’ll be engaging with experienced, compassionate estate planning attorneys. We know how difficult and uncomfortable this process can be for our clients, and we take every measure to make the process as easy as possible.

Samantha Schmeltzer