Wills, Trusts, And Estate Planning
A comprehensive estate plan is valuable to individuals at all stages of their lives. Such a plan is particularly important for individuals with children or who are reaching an age where health care and financial management may need to be taken over by another individual. At Thorp Purdy, many of our attorneys have focused their careers on the estate planning process. This gives us the knowledge and expertise to deliver planning advice tailored to your unique circumstances.
Please contact us to schedule an initial consultation. At the time of scheduling, we will arrange to send you an Intake Worksheet to bring with you to our first meeting. The initial consultation will be an opportunity for your attorney and you to get to know each other and discuss your goals and current circumstances. Depending on the complexity of your estate plan, it may be necessary to schedule follow-up appointments to further explore the options available to you. When we have prepared your estate plan, we will send draft documents for you to review. We will also schedule a time for you to come back to our office for a final review and signing of original documents.
Thorp Purdy Jewett Urness & Wilkinson, P.C., located in Springfield, OR, can be reached at 541-747-3354.
Our Attorneys Can Assist You To:
• Safeguard your own financial security.
• Facilitate a smooth transition of assets from one generation to the next
• Exercise choice and control over financial and healthcare decision-making
Wills and Trusts
Planning for the future is a critical aspect of aging. Wills and trusts are planning tools that control the distribution of your assets and possessions upon your death. Our attorneys will work with you to determine which of these tools is appropriate for your unique circumstances.
A will is a document that takes effect upon your death. The executor, or personal representative, named in the will has the responsibility to ensure that your assets are transferred in accordance with the will. This is accomplished through the process of probate.
A trust is an agreement that allows a third party, or trustee, to hold assets on behalf, and for the benefit, of beneficiaries. Trusts are commonly used to avoid the probate process, for tax planning purposes or disability planning. However, there are many types of trusts, and they can be created for a variety of reasons. Our experienced attorneys will assist you in determining whether a trust may be an appropriate part of your estate plan.
It is important to remember that a comprehensive estate plan is more than a will or trust. A complete estate plan will also include an advance directive for healthcare, which nominates a representative responsible for medical decision making, and a financial power of attorney, which nominates a representative for managing your finances. Our estate planning attorneys will help you determine which of these tools are appropriate for your individual needs.
Planning for Incapacity
In an effort to plan for potential future incapacity, a person can execute a financial power of attorney and/or an advance directive for health care. The purpose of the financial power of attorney is to permit an individual to leave a legally binding record of his or her choice for attorney-in-fact as to his or her financial decisions. Meaning, a person can designate who will make financial decisions on his or her behalf when given permission to do so or when one is unable to make his or her own decisions.
An advance directive for health care is a statutory form. It permits an adult to leave record of his or her first and alternate choices for representative as to health care decision making and instructions. The form is broken into sections and permits the appointment of a health care representatives and the opportunity to leave instructions to the nominated representatives. Once the form is completed, the health care representative can then make health care decisions for the principal when the principal is unable to do so for him or herself.
Medicaid Planning
Medicaid is a program which provides health care for low-income individuals. Medicaid planning focuses on assisting families with planning for an ill or ailing family member’s long term care needs. In order to qualify for Medicaid an applicant must meet certain medical and financial rules.
There is no way to predict the future when it comes to what kind of care you or a loved one will need as you age, but you can gain an understanding of the possibilities by working with an experienced Medicaid planning attorney at our firm. We can help in identifying issues that you may not have thought of before or find answers to those nagging complex questions, such as:
- How much money will I have to spend before my spouse is eligible for Medicaid assistance?
- Will I as the healthy spouse be left impoverished after paying for my spouse’s care?
- Do I make too much income to qualify for Medicaid assistance?
- What does the State have the right to recover for assistance paid on behalf of an ill spouse?
- How can I spend-down our assets appropriately in order to qualify my ill spouse for Medicaid assistance?
Our attorneys will work with you through every stage of the process to help you address the issues pertinent to your situation and stage in planning, whether you are planning for your own care or the care of a loved one.
Asset Protection and Wealth Preservation
In addition to planning for the distribution of your assets, a comprehensive estate plan should also incorporate appropriate tools for asset protection and wealth preservation to provide long-term economic security for you and your family. We can assist you with developing an estate plan that is structured to preserve your wealth and minimize or even avoid estate and gift taxes.
Depending on your situation, it may be appropriate to consider certain creditor protection strategies such as limited family partnerships, irrevocable trusts or other ownership structures to protect your assets. It is important to undertake asset protection planning before you have known or discoverable liabilities. With a plan in place, you may be able to prevent future creditors from gaining access to your assets.
Estate and Gift Tax Planning
Without proper planning, estate and gift taxes can substantially reduce the amount of assets you are able to leave to your family. The estate tax, sometimes referred to as an inheritance tax or a “death tax,” is a tax that is imposed on everything you own or have an interest in at the time of your death. Estate taxes are imposed at the federal level and also by the state of Oregon. In addition to the estate tax, gifts made during your lifetime may also be subject to gift tax.
If your estate is above certain limits, the estate tax may apply. With proper planning in advance, you can minimize the impact of estate taxes on your estate or possibly even eliminate liability for estate taxes altogether. Like estate taxes, with proper planning, gift taxes can be minimized or even eliminated. Planning to minimize or avoid these taxes should be an important part of your estate plan. Contact us to discuss how estate and gift taxes might impact your situation and to discuss how you can minimize or avoid these costly taxes.