Taylor | Foley: Estate Planning

No matter your situation in life, having a well-designed estate plan can provide numerous benefits to you and your loved ones.  Whether your goals are as simple as ensuring your children are provided and cared for according to your desires or as complex as implementing a thorough succession plan for a multi-million dollar family owned business, while minimizing transfer tax effects, our attorneys can tailor an estate planning package which meets your needs.  In any situation, a properly prepared estate plan can save money on future taxes, court and attorney fees, and allow your loved ones to mourn without unnecessary financial burdens or administrative confusion.

A basic estate planning package will consist of the following documents:

1. Last Will and Testament
2. Revocable Trust Agreement
3. Durable Power of Attorney
4. Health Care Power of Attorney
5. Living Will

Each of these documents can provide benefits to any individual, regardless of stage in life.  For individuals with potential estate tax exposure, small business owners, or individuals who own unique family assets, there are a variety of more sophisticated and complex documents and legal strategies available to adequately plan for the passing of these assets to the desired recipients, minimizes transfer tax effects, and leaves these assets in the most financially beneficial and tax efficient ownership structure.

In several instances, an estate planning package prepared by Taylor | Foley will also draw upon our expertise in our other practice areas such as entity formation (e.g., limited liability companies or limited partnerships), drafting trust agreements, asset protection, and minimizing income tax “friction” and probate fees resulting from assets comprising the client’s estate.