The old adage that “You need a Will” represented one of the most basic parts of an Estate Plan. The fact is, you may or may not need a Will. However, you need some legal vehicle(s) to organize what happens to the things you own, owe, and the people you need/want to take care of, including yourself, in the event of incapacity and ultimately your death. That collection of legal vehicles is what compromises your Estate Plan.
The purpose of an Estate Plan varies from person-to-person. The goal of an Estate Plan is to proactively arrange for the organization, protection, and distribution of your assets in such a way that they benefit your designated beneficiaries in a way that you define. It could be planning for or avoiding probate, keeping a family farm in the family, passing an heirloom, valuable asset, or a business to another person, or provide a stream of income and assets for your surviving spouse after you pass.
An Estate Plan is unique to an individual or couple based on the type and volume of assets owned coupled with desire to leave a personal or family legacy. Creating an Estate Plan is not exclusively for the “rich.” Instead, it is a plan that leverages various legal strategies to protect assets, to put them to work, or to transfer to your beneficiaries whether you have $50,000 or more than $5,000,000.
Commonly, an Estate Plan can be:
- revocable living trusts
- protective trusts
- IRA preservation trusts
- special needs trusts
- pet trusts
- Miller trusts
- last Wills
- property ownership
- Powers of Attorney
- and more
The concept of Estate Planning may be new to you or maybe you have been researching it for a while. Either way, put the more than 40 years of Estate Planning experience of an attorney from Rice & Rice in your corner to help develop not just an Estate Plan, but an estate solution.
Schedule your complimentary consultation by calling our firm at (219) 240-0450 today.
You may think you don’t have enough assets to need any sort of Estate Plan. The reality is that most people who own property and/or have children, especially from a previous relationship, need to have a well-organized, well-planned Estate Plan to protect their assets, interests, and family.
Rice & Rice uses a Living Trust Centered Estate Plan to protect assets, reduce fees (court, attorney, publication, etc.), limit taxes, and create the legacy that you want to share with future generations. The absence of a plan can result in paying thousands of dollars in unnecessary fees, avoidable taxable incidents, loss of assets, and an extended amount of time spent working through a process in which you and your heirs have little control.
We can help you draft a living trust that includes:
- Directions for distribution of assets in a way that protects your heirs
- Guidance for your estate in the case of disability and death
- Directions for In-Home Healthcare
- Extensive instructions to assist your Trustee to administer your estate
- Details about funding your Living Trust based on types of assets
- Remarriage Protection language
- Additional instructions and guidance to simplify the administration of your estate
In addition to the living trust, which is the core of your Estate Plan, your plan may include:
- Durable Powers of Attorney to help fund your Trust and Medicaid planning
- Healthcare Powers of Attorney to give your appointed representative authority to make medical decisions on your behalf if you are incapacitated
- Living Will to clearly state your end-of-life decisions so there is no confusion
- Affidavit of Transfer
- Affidavit of Trust
- Deeds in the name of the Trust
We look forward to providing you with an experience you Will want to share with others. Speak with our legal team by calling us at (219) 240-0450 or filling out our online form.
Focused On Elder Law
At Rice & Rice Attorneys, our primary focus is on caring for your family. Estate Planning, Probate, and Elder Law are all we do, and we offer reasonable rates.
Faith and Family Oriented
Our firm is based on the principles of our faith and the importance of family.
50 Years of Experience
Since 1972, Rice & Rice Attorneys have been serving this area and we are deeply rooted in our community.
Our firm has been awarded the Martindale-Hubbell AV Preeminent Rating, as well as an A+ Rating with the BBB.