ESTATE PLANNING AND PROTECTING ASSETS
When planning for your future, the experienced attorneys at Schum & Werner have been helping families through the estate planning process for many years. We specialize in helping our clients minimize taxes and risk of loss so that your wishes on how your assets and wealth are distributed will be carried out as you have designed it. Schum & Werner specializes in the preparation of all aspect of estate plans including:
Wills and Trusts
Powers of Attorney
Advance Health Directives
WILLS AND TRUSTS
A will is a legal document and is a necessary part of every estate plan. Without a proper will, you’re actually allowing the courts to make decisions about how your assets will be distributed after you pass away. The estate planning attorneys at Schum & Werner will help you create, change, or formalize your will so that it clearly states your wishes and leaves no room for interpretation.
Details of your may also include naming the Executor of your estate, and if you have minor children, you may want to set up a trust to hold their inheritance money until they reach a certain age. Or, it can also state who you would like to look after them after your death. It can also include your wishes for your funeral arrangements, designate health care agents, exclude individuals from receiving assets, and more.
Whether your wishes are simple or complex, our attorneys will explain all of your options and ensure that it carries out your wishes in detail.
A trust is a fiduciary arrangement that allows a third party, or trustee, to hold your assets for a minor, or long-term care for adult dependents that have disabilities. A trust can also be used to minimize estate taxes.
There are many types of trusts, although the main distinction between them is whether they are revocable or irrevocable. A revocable trust, also known as a living trust, allows you to retain control of the assets while you are still living and can be dissolved at any time, if your intentions change. Just as the name implies, an irrevocable trust cannot be altered after it has been executed and you will not be able to change or dissolve it. If you choose to set up this type of trust, it may not be considered part of your taxable estate, so fewer taxes may be due after you pass.
There are many other types of trusts such as living trusts, joint trusts, testamentary trusts, and many more. The estate planning attorneys and Schum & Werner have the knowledge and experience to assist you in determining which type of trust is best for your situation.
POWERS OF ATTORNEY
A power of attorney (POA) is a written legal authorization giving the attorney-in-fact, or a trusted non-legal person, the power to represent or act on your behalf. The POA would be able to make decisions about your property, finances, medical care, and much more if you can no longer make important decisions due to health reasons or if you become disabled. A POA can also act on your behalf if you cannot be present to sign legal documents for financial transactions.
At Schum & Werner, we have had decades of experience providing our clients with strategic guidance on how to handle their estates and deal with any disputes that arise.
ADVANCE CARE DIRECTIVES
An advance healthcare directive is a written legal document that is used to state your health care wishes should you are no longer able to communicate those wishes personally. You can also direct someone to make those decisions on your behalf. These directives are referred to as Health Care Proxies and Living Wills.
To ensure that your healthcare directives will be followed, allow our attorneys to assist you in drafting all of your advance health care directive documents.