Estate planning involves wills, revocable living trusts, life insurance trusts, marital deduction trusts, gift tax planning, estate tax planning, generation skipping tax planning, family limited partnerships, charitable gifts, powers of attorney, and a multitude of other planning tools that protect the family wealth during lifetime and after death.
Wills and trusts ensure that family wealth is distributed to the desired beneficiaries instead of relying on state law that controls how an estate is distributed without a will. Trusts that provide for the needs of minor beneficiaries and protect assets for adult beneficiaries are important tools of our estate planning practice. Coordinating a will with assets that are distributed by right of survivorship, beneficiary designation, or pay on death provisions is necessary to ensure that an estate plan works properly.
Proper planning for preservation and transfer of a business within the family or to a new owner outside the family not only maximizes and protects the value of the business, but also ensures the continuation of a business that may have taken a lifetime to create.
Marital agreements prepared before (“pre-nuptial”) or during a marriage can help to protect an estate or inheritance and reduce disputes and misunderstandings within a marriage.
From the basic estate plan for a family with limited assets, to large and complex estates, Carrington Coleman has attorneys and staff with the expertise and experience to accomplish the estate planning goals of our clients.