ESTATE PLANNING
Estate planning is simply giving what you have, to whom you want, when you want and in the way you want while minimizing the costs involved.
Why do you need an estate plan?
Designing and implementing an estate plan will provide you peace of mind knowing your assets will pass to the people and charities you choose without undue burden, cost or delay. Contrary to popular belief, estate planning isn’t just for the wealthy — it’s a vital step for everyone, regardless of income or assets. Whether you have a modest estate or significant wealth, estate planning allows you to take control of your future and protect what you have spent a lifetime accumulating.
Estate planning involves making decisions about the management and distribution of your assets, as well as appointing a person or persons to manage your financial affairs if you are disabled or on your death, naming guardians to raise and care for your children if you are unable, making decisions regarding your healthcare at the end of life and naming a person or persons to carry out your healthcare decisions.
Our team can help you implement:
Will-based plans
Define how your assets will be distributed after your death and can include provisions for guardianship of minor children. Assets passing under a will go through the probate process.
Trust-based plans
A revocable living trust allows you to transfer assets to the trust or name the trust as a beneficiary during your lifetime while maintaining full control over your assets. The terms of the trust allow you to transfer assets to people or charities outright on your death or hold them in trust for the benefit of the beneficiaries while avoiding probate, minimizing taxes and administrative costs, and keeping your plan private and out of the purview of the public domain.
Pour-over Wills
This is a will that is utilized with a trust to catch anything you did not get properly aligned with your trust while you are alive. Think of the pour-over will as a legal backstop if your trust does not own or control all of your property. Unfortunately, assets passing through the pour-over will must go through probate.
Financial power of attorney
Designates someone to manage your financial affairs if you become unable to do so yourself. This includes paying your bills, dealing with social security, handling your mail, and other financial matters.
Healthcare power of attorney
Designates someone to make healthcare decisions for you if you are unable to make these decisions for yourself. These decisions include course of treatment, administration of pain medication, keeping you in your house or moving you to a hospice and other medial related decisions.
Advanced Directives / Living Wills
Specify your preferences for end-of-life medical treatment, ensuring your wishes are followed even if you cannot communicate them and taking the burden of these decisions off of your family.
We spend time with you to ensure all your documents are drafted to achieve your goals.
We find many people come to us with existing plans; however, their prior attorney’s guidance ended when they signed the documents. At Contego, signing your documents is just the beginning.
How does it work?
We’ve designed a straightforward, six-step process to guide you every step of the way, making it easy for you to design and implement an estate plan that will protect you during your lifetime and, upon your death, achieve the goals you have for your assets. Click below to learn more.
Whether you have significant assets or a modest estate, Contego is here to help you create a plan that brings you peace of mind and security.