Estate Planning
Beneficiary Designation
I understand the difficult nature of deciding to whom and how to distribute assets. The decedent's intent may not always be clear. When a decedent designates that a certain asset will go to a certain individual or organization, he or she is choosing the beneficiaries. But if there are not specific instructions as to distribution of assets, clarification through the probate court may be required.
Charitable Giving
Conscientious people enjoy giving to worthy causes. It makes us feel good to give, and it is the right thing to do. The question is, how can you give now in the most effective manner? A charitable trust is a tool that can afford you tax planning advantages that are not available with ordinary charitable contributions. After you pass, your assets can go to good causes that are meaningful to you, such as nonprofit organizations, educational institutions or organizations that support the arts.
Disposition Of Last Remains
The loss of a family member can be overwhelming and draining on the grieving family members often left with the burden of financial and planning arrangements. State law permits individuals to dictate desired actions in the event of their passing, including Disposition of Last Remains.
Last Will and Testament
A last will and testament is an opportunity to designate who you want to inherit your property and assets, how you want assets distributed to those heirs and how you would like the administration of your estate handled—including naming who you would like to manage the administration of your estate.
Personal Property Memorandum
An integral part of any thorough estate plan addresses the matter of personal, tangible property, a Personal Property Memorandum. This is a document, separate from your will or trust, in which you specifically identify the items of personal property and the individuals who are to receive the items.
Power Of Attorney
A Power of Attorney is a document that gives a person of your choosing, over the age of 18, the power to sign documents, file your taxes, and make other financial decisions on your behalf if you become legally incapable doing so.
Taxable Estates
A taxable estate consists of all your assets including your home and other real estate, life insurance policies, retirement accounts, bank accounts and joint accounts. If the total of these assets exceeds the applicable estate tax deductions and exemptions, upon your death your estate will be taxed before the remainder is distributed according to your Will. These tax laws are an ever evolving and complex system requiring a knowledgeable and experienced hand; the consequences of a faulty plan could result in significant unnecessary costs.
Trusts
A Trust agreement is an agreement between an asset holder and Trustee, to manage and distribute those assets, for the benefit of a beneficiary or beneficiaries. Trusts offer many benefits to both the individual creating the trust as well as to those who will be designated as beneficiaries. Trusts can be created for your benefit during your lifetime, with successor beneficiaries after your passing, or they can be created in accordance with instructions in your will. Ken can assist with all types of testamentary and living trusts, such as life insurance trusts, AB trusts, special needs trusts, charitable trusts, spend-thrift trusts and various other types of trusts.
Probate & Estate Administration
Tax Matters
A solid estate plan should address tax issues. Among your options, varying tax strategies can reduce your taxable estate and income. Keene and Sparks, LLP, has the financial knowledge and expertise to assess your goals in a full estate plan, minimizing your tax liability as much as possible.
Transfers Of Property
Transfer of property as part of an estate can be done through several routes in a well structured estate plan. Each route carries its own implications involving estate and income tax, probate involvement and other factors.