Estate planning, in a broad sense is preparing for an unanticipated death or incapacity, with the help of legal tools.
An estate plan will allow a Client to:
Transfer assets in accordance with the Client’s wishes;
Provide for the care of the Client in the event of the Client’s incapacity; and
Minimize any estate or transfer taxes.
There is a growing trend in Hawaii of families fighting over the estate of a deceased family member (usually over real property), particularly when there is no planning in place. Timely planning will help prevent this and ensure that loved ones will be cared for in accordance with the Client’s wishes.
An estate plan typically consists of a Revocable Living Trust, Advance Health Care Directive, Durable Power of Attorney and Pour-Over Will but can also be expanded to account for any Medicaid Planning, Business Succession Planning, and other specialized tools to meet the needs of a client.
We can never know what life will bring around the corner. Everyone should have some measure of planning in place in the event of life’s unfortunate surprises.
If you would like to talk to us about your estate planning needs, we would be happy to sit down with you. Call us at 593-2199, or e-mail us at firstname.lastname@example.org now.