Estate Planning
Working alone or in tandem with the client’s existing estate planning attorney, Solkoff Legal is well equipped to prepare a comprehensive estate plan for its clients. We focus on what your goals and desires are, educate you as to the various planning methods, and assist in the implementation of that plan. Unlike traditional estate planning which focuses on what happens after death, Solkoff Legal, PA approaches estate planning from the perspective of meeting lifetime needs first and then developing an after-death plan.
One primary purpose of estate planning is to distribute your assets according to your wishes after your death but good planning means dealing with lifetime needs first. As part of your estate plan at Solkoff Legal, PA, we therefore focus on long-term care needs, incapacity planning, asset preservation, access to health care and other matters. After first dealing with lifetime needs, successful estate planning transfers your assets to your beneficiaries quickly and usually with minimal tax consequences. The process of estate planning often includes inventorying your assets, making a will and/or establishing a trust, preparing a durable power of attorney and other advanced directives. Matters such as minimizing estate taxes, spendthrift children, children with unstable marriages, charitable inclinations, or preserving your assets against catastrophic illnesses are additional issues that may need to be dealt with either by us alone or with your tax counsel.
Taking Stock
The first step in estate planning is to inventory everything you own and assign a value to each asset. Here’s a list to get you started. You may need to delete some categories or add others.
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Residence
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Other real estate
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Savings (bank accounts, CDs, money markets)
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Investments (stocks, bonds, mutual funds)
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401(k), IRA, pension and other retirement accounts
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Life insurance policies and annuities
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Ownership interest in a business
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Motor vehicles (cars, boats, planes)
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Jewelry
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Other personal property
Once you’ve estimated the value of your estate, you’re ready to do some planning. Keep in mind that estate planning is not a one-time job. There are a number of changes that may call for a review of your plan. Take a fresh look at your estate plan if:
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The value of your assets changes significantly.
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You marry, divorce or remarry.
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You or your spouse require placement in a skilled nursing facility
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You have a child.
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You move to a different state.
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The executor of your will or the administrator of your trust dies or becomes incapacitated, or your relationship with that person changes significantly.
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One of your heirs dies or has a permanent change in health.
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The laws affecting your estate change.
Resources
Books: American Bar Association’s (ABA) Guide to Wills and Estates (Free Download)
