Establishing an estate plan is one of the most important steps that you can take to protect yourself and your loved ones. Estate planning is the process of creating a legally definite plan for managing your wealth while you are alive. Without a sound estate plan in place, your assets will go through probate, a legal process where the court oversees the distribution of assets in order to settle an estate. As a result, your assets may be wasted on unnecessary taxes and other liabilities without an estate plan.
Wills and trusts are just tools in the larger process of estate planning. Many mistakenly believe that trusts are only for the wealthy. Unlike wills, trusts can fulfill many legal and financial objectives, such as, minimizing estate taxes, avoiding probate, and setting aside assets for designated beneficiaries. Since a living trust is not subject to probate, all its provisions will remain private.
A trust could be revocable, which allows for you to make changes, or irrevocable, which cannot be modified or terminated without the permission of the beneficiary. A living trust will be used as the mechanism to manage your property before and after your death. After the grantor’s death, the trustee has certain administrative tasks to handle: preparing tax returns, distributing assets to beneficiates, providing all legally required notices, and allocating assets to sub-trusts.
At Tenina Law, we recognize that every situation is different and can help you establish an estate plan that protects your assets and you’re loved ones from the uncertainty of the future. We guide our clients through the entire trust administration process. Each Estate Plan is individually tailored to satisfy the specific needs, goals, and challenges of our clients. We provide a complete estate plan that includes a revocable living trust, durable power of attorney, advance health care directive, trust certification, and a pour-over will. We strive to provide the highest level of service reducing hassles during difficult times.
A well-crafted Estate Plan ensures that your assets are distributed according to your wishes after you pass away. At Tenina Law, our experienced attorneys will guide you through the process of drafting and designing your estate plan to clearly outline your desires for the distribution of assets to your loved ones. Our diverse clientele includes both young individuals with high wealth accumulation potential and established business owners.
Using a systematic and practical approach, we aim to protect our clients from present threats while leveraging future opportunities. We provide the necessary information and support to safeguard your assets and preserve the legacy for future generations. Contact us today to start securing your estate and the future of your loved ones.
A will is a legally binding document that cannot be revoked, drafted in compliance with state laws, and signed by the testator. Often created alongside a living trust, a pour-over will is used to bypass probate. It transfers all assets through the will to a trust upon the beneficiary’s death, ensuring that the intended beneficiaries receive the property. The pour-over mechanism streamlines the distribution of assets not included in the trust, ensuring they reach their designated beneficiaries.
Living Trusts are at the heart of our practice. We specialize in crafting trust plans that are customized to meet the unique needs of each client. Our approach goes beyond the generic “one-size-fits-all” approach, incorporating tax planning and asset protection strategies to safeguard heirs, assets, and estates. Whether it’s protecting children, spouses, or businesses, we are dedicated to providing comprehensive solutions that offer peace of mind.
Many people are unaware that without trust, a substantial amount of life insurance can go to waste. In fact, without proper planning, individuals with large policies or significant holdings may lose approximately forty cents on every dollar of life insurance at their death. With strategic planning, clients can retain a greater portion of their assets.
We specialize in structuring trusts that provide significant benefits, such as allowing the spouse of the policyholder to utilize the life insurance funds tax-free during their lifetime, and ultimately passing the funds on tax-free to children or future generations. Additionally, we can explore options such as incorporating second-to-die insurance into the policy for added protection and flexibility.
Unfortunately, many individuals overlook the significance of saving adequately for retirement and incorporating estate planning into their strategy. It is essential to recognize that many retirement benefits can vanish upon the owner’s death.
However, there are various approaches to strike a balance between the need for immediate access to funds and the potential for long-term growth, all while protecting beneficiaries through permissible trust structures. After a lifetime of hard work, it would be a disheartening outcome to see these benefits disappear in the event of an untimely death.
If a client possesses a substantial IRA, it is highly advisable to consider establishing a specialized retirement trust that maximizes the benefits for their designated heirs.
When an individual passes away without a plan or will in place, there is a significant risk that their property will not be distributed according to their wishes. Instead, it is left to the Court to determine how the property should be divided, a process that can take up to two years. Having a legally-written estate plan is crucial, as the Court does not recognize oral promises or statements regarding property transfer after death.
At Tenina Law, we specialize in drafting and designing comprehensive estate plans that align with your specific wishes. Our experienced estate plan lawyers will guide you through the process, ensuring that your estate plan clearly outlines how your assets should be distributed among your chosen beneficiaries, including family members and friends.
Our client base encompasses young individuals with promising wealth accumulation potential, established business owners, and individual investors. We adopt a systematic and practical approach to safeguard our clients from present threats while helping them capitalize on future opportunities. Our goal is to provide our clients with the necessary tools and information to protect their assets and secure the financial well-being of future generations.
At our firm, we offer comprehensive services for preparing various types of powers of attorney, including durable powers of attorney for healthcare and financial powers of attorney. These documents are also commonly referred to as advanced healthcare directives, living wills, or durable powers of attorney.
Our experienced team can assist you in drafting and customizing the power of attorney documents to suit your specific needs and preferences. Whether you require a durable power of attorney for healthcare, granting someone the authority to make medical decisions on your behalf, or a financial power of attorney to handle your financial matters, we are here to guide you through the process.
By working with us, you can ensure that your powers of attorney are legally sound, clearly outlining your wishes and designating a trusted individual to act on your behalf. We prioritize accuracy, attention to detail, and client satisfaction to provide you with the peace of mind that your interests will be protected in any situation.
Contact us today to discuss your powers of attorney needs and let us assist you in creating the necessary documents to ensure your wishes are upheld.
In the event of an accident or unforeseen circumstances, it is crucial to have a plan in place for who will make important financial decisions on your behalf. Choosing a trusted individual to handle such matters, including managing your finances, is essential. Professionals such as stockbrokers, banks, and real estate agents can be reliable choices.
The Durable Powers of Attorney for Finance is a vital document that accurately captures and reflects your wishes. It ensures that your intentions regarding your funds, assets (including real estate), debts, bills, and other financial aspects are preserved and carried out according to your desires.
Our team understands the importance of this document and can assist you in creating a comprehensive and legally sound Durable Power of Attorney for Finance. We will work closely with you to ensure that your specific needs and preferences are incorporated, providing you with peace of mind and confidence in the decision-making process.
Don’t leave your financial matters to chance. Contact us today to discuss how we can help you establish a Durable Power of Attorney for Finance that safeguards your financial interests and ensures your wishes are respected.
In the event that you are unable to make critical health decisions for yourself, it becomes crucial to have a plan in place. Who will be entrusted to carry out your wishes and beliefs? Who will handle your business affairs? These are important considerations that require thoughtful conversations and proper documentation.
Our team understands the significance of these decisions and can assist you in creating a Durable Power of Attorney for Health, also known as an Advance Medical Directive. This legally binding document ensures that the right person, according to your wishes, will make crucial medical decisions on your behalf in situations where you are incapacitated.
By engaging in a well-planned conversation and documenting your preferences, you can have peace of mind knowing that your end-of-life and important health decisions will be followed. Doctors and hospitals recognize the importance of this written document, considering it one of the most significant documents you will ever sign.
By signing a written document that clearly expresses your wishes, you can be confident that medical professionals will honor your decisions in critical moments.
Don’t leave your health decisions to chance. Contact us today to discuss how we can help you create a comprehensive Durable Power of Attorney for Health, ensuring that your wishes are respected and followed in times when you cannot advocate for yourself.
When a decedent has established a trust, no court administration is required. The assets held within the trust are administered by the trustee designated in the trust document. At Tenina Law, we offer comprehensive guidance to trustees throughout the entire trust administration process, from its initiation to the final distribution of assets to beneficiaries.
Our firm has the expertise to handle both straightforward and complex trust and probate administrations. Whether the deceased individual had a trust in place (“testate”) or did not have a valid will (“intestate”), we can assist you in navigating the necessary steps. We can handle the administration both within and outside of the probate process. By implementing proactive trusts and estate plans, we strive to help you avoid lengthy and costly probate litigation that can diminish your wealth and estate assets.
With our experience in both litigation and transactional work, we are well-equipped to serve our clients and effectively resolve any disputes that may arise among heirs or beneficiaries. We understand that the loss of a family member can bring about emotional challenges, which is why we approach these matters with sensitivity to both the emotional and legal aspects. Our goal is to prevent inheritance disputes and contests, ensuring a smooth distribution of assets to beneficiaries.
You can rely on Tenina Law to provide you with comprehensive support and guidance throughout the probate and trust administration process. By entrusting us with your legal matters, you can have peace of mind knowing that your assets will be distributed to beneficiaries without any complications.
Contact us today to discuss your specific needs and how our experienced team can assist you in probate and trust administration.
Secure your family’s future with Tenina Law, the leading expert in Estate Planning Law. We understand that planning for the future can be overwhelming, but with our dedicated team by your side, you can have peace of mind.
Don’t leave your estate planning to chance. Contact Tenina Law today and experience the peace of mind that comes with having a well-crafted estate plan. Schedule your consultation now to protect your family’s future!
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