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WHAT KIND OF ESTATE PLAN IS RIGHT FOR ME?

In most cases for persons of moderate means, a REVOCABLE LIVING TRUST is the appropriate estate planning tool for avoiding probate.  In most cases, Living Trusts are a vital foundation to provide maximum asset preservation.  Some examples of situations in which a Revocable Living Trust are advised are the following:

 

            • Married or single individuals with minor children.

            • Families caring for a special needs individual or an aging loved one

            • Anyone owning real estate.

            • Anyone with a gross estate above their state probate threshold.

            • Anyone who desires that assets be held, managed and used for the benefit of a beneficiary, and not distributed immediately (i.e., beneficiary receive funds at a certain age other than 18, future disbursement for educational expenses, etc.)

            • Anyone in a second marriage that wants to allocate certain funds or assets for their children from a previous marriage.

            • Any owner of a small business.

 

In situations where a Revocable Living Trust is advised, the trust will fulfill a vital role throughout your life, in any time of disability, at death, and after death for your loved ones.  The trust documents will be accompanied by a will and other supporting documents in order to accomplish its intended effect.

 

In cases where a Revocable Living Trust is not advised, a simple estate plan is still important and would usually include the following:

 

            • A simple Last Will and Testament (including provisions for the care of minor children, if necessary).

            • Power of Attorney for Finances (asset management and personal affairs).

            • Power of Attorney for Health Care.

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