ESTATE PLANNING IS ESSENTIAL TO INDIVIDUAL FINANCIAL AND LEGACY PLANNING AND BUSINESS SUCCESSION PLANNING.
Billings & Associates provides Estate Planning services to individuals and our business owner clients. The estate plans that we prepare are individually tailored to meet the needs of the client. Although there may be general similarities, no two estate plans are alike.
WHAT ARE BASIC ESTATE PLANNING DOCUMENTS?
The basic Estate Planning documents may include a:
- Last Will and Testament
- Living will
- Healthcare Durable Power of attorney
- Financial Power of Attorney
No single algorithm fits every person's unique Estate Planning needs. One client may need only a Simple Will while others will need more complex planning.
Regardless of the form of your Estate Planning, it will:
- Dictate your wishes as to how your property is distributed.
- Allow you to provide for your spouse and family.
- Protect your children by appointing a guardian for your children in your will.
- Protect your investments and your business.
- Manage the effect of taxes, attorneys' fees, and court expenses.
IF YOU ALREADY HAVE AN ESTATE PLAN, DO YOU NEED TO HAVE IT REVIEWED?
YES
In December, 2019, Congress passed the “SECURE Act” which became effective on January 1, 2020. The “Secure Act” made wide-sweeping changes to IRA's. The passing of the “Secure Act” has created a situation where you should take a moment and have your Estate Plan reviewed by a professional. Failing to act now could have a devastating effect on your Estate Plan and your ability to provide for your loved ones after your death.
WHAT ARE THE BENEFITS OF A TRUST?
Trusts are effective tools for both Estate Planning and Asset Protection. There are many different types of trusts all designed for different needs and situations. Trusts are not probated and offer the client privacy that a will does not. Trusts can be revocable or irrevocable, depending on the goals of the client. Trusts have a number of purposes from avoiding expensive probate proceedings, Medicaid planning, Asset Protection, planning for a child with special needs, and planning for pets, just to name a few. Both trusts and wills can be utilized together in an Estate Plan to create the level of complexity desired by the client.
WHAT ESTATE PLANNING SERVICES DOES BILLINGS & ASSOCIATES PROVIDE?
- Estate Planning Consultations
- Estate Planning Document Review
- The drafting simple and complex estate planning documents including wills, trusts, healthcare directives, financial POA's, buy-sell agreements, and the necessary drafting and modification of company documents
- Asset Protection planning
- Will Amendments/Codicils
- Premarital/Antenuptial Agreements
- Real Estate Transfers
- Healthcare POA's for your children
