Personal Planning

Wills & Revocable Living Trusts
Perhaps you have a new family just starting out or perhaps you have worked all your life to build what you have. Either way you want to be sure to pass on what you have, how you want, when you want, and to whom you want. The first tool to accomplish this goal is either the Will (with or without Testamentary Trusts) or the Revocable Living Trust. Each has its place.

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Will
Revocable Living Trust

Medical and Incapacity Planning
If you go on vacation and leave someone else in care of your minor children, pets, and or possessions, you choose that person carefully and leave detailed instructions. So why don’t you have people chosen and instructions in place for the trip you aren’t prepared for and may not come back from?

Unless you die suddenly in an accident, you will most likely be sick and incapacitated before you die. You will have to rely on others to care for you. If you don’t plan ahead you leave your care in the hands of the Courts and Social Agencies.

If you want to be in charge of your own care then appropriate legal planning would include Durable Financial Powers of Attorney, Durable Medical Powers of Attorney, and a Living Will if you want one. This is an area where a Revocable Living Trust provides more comprehensive planning opportunities than a Will. With a Revocable Living Trust you should have a Disability Trustee with specific instructions on how to care for you, your loved ones, and your estate. You should also consider any applicable Business Planning, or Charitable Planning, that you would like to accomplish.

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Gifting
Gifting can be an important part of Personal Planning and a lot of personal planning opportunities have been developed around Gifting.

The most common discussion of gifting has to do with gifting to a charitable organization. However, you don’t have to just give the money away. You can:
Plan now for a gift at my death
Plan a gift that allows you to retain an income for yourself or a loved one (This is one good way to fund a Special needs trust)
Plan a gift from a larger estate

Another common use for gifting is to avoid estate taxes by transferring assets to your beneficiaries during life to reduce or "freeze" the size of your estate. This must be done carefully to avoid Gift Taxes. Dig deeper...

Most of our friends who used planned gifting for this purpose structure their gifts so that they are controlled and asset protected. This type of planning may use:
Life insurance trusts
Family bank trusts