{"id":17335,"date":"2021-07-28T09:26:02","date_gmt":"2021-07-28T09:26:02","guid":{"rendered":"https:\/\/thomsonlawoffice.com\/staged\/?post_type=cpt_services&p=17335"},"modified":"2024-09-12T15:02:42","modified_gmt":"2024-09-12T15:02:42","slug":"estate-planning","status":"publish","type":"cpt_services","link":"https:\/\/thomsonlawoffice.com\/staged\/services\/estate-planning\/","title":{"rendered":"Estate Planning"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t

Estate Planning<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t

The process starts with an office conference during which we will discuss your estate planning goals and help you decide which planning instruments and actions will accomplish those goals.\u00a0 Based upon your goals and decisions, Thomson Law will work with you to complete all documents and actions necessary to accomplish your plan.\u00a0 The options and topics we discuss may include the following:<\/p>\n

What is Probate?<\/strong>\u00a0 Many nominated personal representatives are surprised to learn that the Will itself grants no authority to act.\u00a0 A person nominated to act as personal representative or executor in a Will has no authority to act on behalf of the decedent\u2019s estate or take control of any assets of the decedent until the nominated person is appointed by the court.\u00a0 A Will does NOT avoid probate, and, in fact, does just the opposite because a probate process is necessary before any action may be taken consistent with the Will.\u00a0 Thomson Law will assist personal representatives with understanding the probate process.<\/p>\n

Last Will and Testament<\/strong> \u2013 A Last Will and Testament is a document prepared for you which sets forth the distribution of your assets upon your death.\u00a0\u00a0 A Last Will and Testament does NOT avoid probate, and appointment of a personal representative (also known as executor) is necessary.\u00a0 The distribution of assets set forth in your Will is completed through the probate administration.\u00a0 It is possible to establish certain testamentary trusts within your Will, the most common being beneficiary trusts established for minor children or grandchildren.<\/p>\n

If you have children under the age of 18, your Last Will and Testament may include a guardianship plan for your children addressing their physical care and financial needs.<\/p>\n

Revocable Living Trust<\/strong> \u2013 A Revocable Living Trust is an agreement entered into between one or more Grantors in which the Grantor or Grantors agree to transfer all or part of their assets into the Trust to be owned, administered and distributed by the trustee consistent with the terms of the Trust established by the Grantors.\u00a0 If drafted, funded and administered properly, a revocable living trust will avoid probate.\u00a0<\/p>\n

A revocable living trust may be particularly useful for families that own real estate in more than one state.\u00a0 Some clients also prefer the Revocable Living Trust because no public filings are usually required during the administration process.\u00a0<\/p>\n

Business\/Ranch Succession Plan<\/strong> \u2013 If you own your own company or business, including a ranching business, your estate plan may include a plan for transfer of your business or ranch.\u00a0 Your plan may include establishing a limited liability company and implementing a plan of gifting or other transfer to your children or other persons interested in taking over the business or ranch.\u00a0 This may be especially important to your family in the event the family ranch is the primary asset and you are concerned with future long term care costs.<\/p>\n

Revocable Transfer on Death Deed<\/strong> \u2013 A revocable transfer on death deed is a deed signed and recorded with the Register of Deeds\u2019 office which states to whom certain real property is to be transferred upon your death.\u00a0 No present ownership rights are created in the person to whom you are gifting, and the deed is revocable.\u00a0 Signing and recording a revocable transfer on death deed will not prohibit the owner from selling the property during his or her lifetime, and the transfer on death deed may be revoked, at any time, so long as the owner is living and competent to sign the revocation.\u00a0 Thomson Law, PC will discuss the advantages and disadvantages of using Revocable Transfer on Death Deeds within your estate plan.\u00a0<\/p>\n

Beneficiary Designations<\/strong> \u2013 Beneficiary designations must be set up and established with the bank or company in control of the account or policy.\u00a0 This is often referred to as POD or TOD (payable on death or transfer on death).\u00a0 Most people are familiar with designating beneficiaries for their life insurance policies but may not realize beneficiaries may be designated on most checking and savings accounts.\u00a0 Designating a beneficiary may also be appropriate for retirement accounts, certificates of deposit and other accounts.\u00a0 Thomson Law will assist you in making certain your beneficiary designations are consistent with the distribution provisions of your Will or Trust.\u00a0<\/p>\n

Estate Tax <\/strong>\u2013 The value of your estate needs to be considered when preparing your estate plan to establish whether your estate may be subject to federal estate tax.\u00a0 Generally, at death, your estate is not subject to the federal estate tax if the value of your estate is less than the exemption amount.\u00a0 The exemption amount is controlled by federal law and adjusted each year for inflation.\u00a0 Thomson Law will consider tax minimizing options when preparing your estate plan.<\/p>\n

Durable Financial Power of Attorney <\/strong>\u2013 This document designates another person to make financial decisions on your behalf and may be effective immediately or only in the event your become incapable of making such decisions due to incompetency, whether temporary or permanent.\u00a0 A power of attorney terminates upon death of the principal.<\/p>\n

Medical Power of Attorney Designating Healthcare Agent and Living Will<\/strong> \u2013 This document designates another person to make medical care decisions on your behalf in the event you are unable to make such decisions due to incompetency, whether temporary or permanent.\u00a0 This document will also express your desires regarding life sustaining treatment and other end of life care decisions.<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Thomson Law will work with you to complete all documents and actions necessary to accomplish your plan. <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","cpt_services_group":[33],"class_list":["post-17335","cpt_services","type-cpt_services","status-publish","hentry","cpt_services_group-what-we-do"],"_links":{"self":[{"href":"https:\/\/thomsonlawoffice.com\/staged\/wp-json\/wp\/v2\/cpt_services\/17335"}],"collection":[{"href":"https:\/\/thomsonlawoffice.com\/staged\/wp-json\/wp\/v2\/cpt_services"}],"about":[{"href":"https:\/\/thomsonlawoffice.com\/staged\/wp-json\/wp\/v2\/types\/cpt_services"}],"author":[{"embeddable":true,"href":"https:\/\/thomsonlawoffice.com\/staged\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thomsonlawoffice.com\/staged\/wp-json\/wp\/v2\/comments?post=17335"}],"version-history":[{"count":22,"href":"https:\/\/thomsonlawoffice.com\/staged\/wp-json\/wp\/v2\/cpt_services\/17335\/revisions"}],"predecessor-version":[{"id":21186,"href":"https:\/\/thomsonlawoffice.com\/staged\/wp-json\/wp\/v2\/cpt_services\/17335\/revisions\/21186"}],"wp:attachment":[{"href":"https:\/\/thomsonlawoffice.com\/staged\/wp-json\/wp\/v2\/media?parent=17335"}],"wp:term":[{"taxonomy":"cpt_services_group","embeddable":true,"href":"https:\/\/thomsonlawoffice.com\/staged\/wp-json\/wp\/v2\/cpt_services_group?post=17335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}