Estate Planning

Take Control of Your Assets

Estate planning involves wills, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney, specifically the durable financial power of attorney and the durable medical power of attorney. After widespread litigation and media coverage surrounding the Terri Schiavo case, virtually all estate planning attorneys now advise clients to also create a living will. Specific final arrangements, such as whether to be buried or cremated, can be specified in other documents. More sophisticated estate plans may even cover deferring or decreasing estate taxes or winding up a business.
 
Many people (and even some attorneys) confuse a living will with a durable medical power of attorney. A living will sets out directives concerning end of life decisions, whereas a durable power of attorney gives all medical decision making authority to an appointed individual upon incapacity, including end of life decisions. Some people have both a living will and a health care power of attorney. Some, who wish to give complete discretion to a loved one, including end of life decision, have only a health care power of attorney.
 
Estate planning gives you control over the disposition and taxation of your assets, To do without a plan is to turn over control of family assets to courts, state laws and the Internal Revenue Service. Not having a plan is folly.

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Lawson Estate Planning Blog:

Why It's Important to Have a Plan, according to Forbes magazine
 I recently came across a great article in Forbes magazine that explains the importance of a plan, what you should have, and why you should have it. Click here to read it.
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The Goal of Estate Planning: Your Life Story
Estate planning is not just about a Will that disposes of your assets when you are gone, nor is it just about avoiding taxes on your estate at your death. A properly drafted estate plan is a way of ensuring that your assets are managed and...
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Estate Planning is for Everyone
Think because you don't have a vast amount of assets/wealth that you don't need an estate plan? Think again! Estate planning is important for everyone. Everyone will leave behind something that will need to be handled by their loved ones. If you...
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Important Notice: The information contained on this page or any portion of this site is for information purposes only and does not create an attorney/client relationship and is not intended to provide the user with legal advise.  To obtain information specific to your situation, please contact us to schedule a consultation.