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ESTATE PLANNING:
GENERAL INFORMATION
There is a misconception that "estate planning" is only for the very wealthy
and only addresses division and distribution of assets after death. In fact,
estate planning is for everyone. It is the process of arranging one's
personal and financial affairs.
A comprehensive estate plan requires an inventory of assets, consideration
for and planning against any gift and estate taxes, planning for
administration and protection of assets during life, and planning for
decision making in the event of incapacity. At a minimum, a complete estate
plan includes a will, a general durable power of attorney, and an advance
health care directive. In some cases, a revocable living trust, a life
insurance trust, a special needs trust, or other advanced planning documents
also may be appropriate.
When Skelton Law Offices works with clients who want to put their affairs in
order, we send an Estate Planning Worksheet in advance of the initial
consultation. The questionnaire seeks information about family, objectives,
and assets. It asks the client to consider family members or friends to name
as Personal Representative, Agent under Power of Attorney, etc.
At the initial consultation, we discuss and learn about your family, your
finances, and your estate planning goals and long-term care planning
objectives. At the conclusion of this first meeting, we are able to outline
legal services and strategies to meet your needs. Every estate plan is
unique. Some are very simple and some are complex. Most often, at the
conclusion of the first meeting, we are able to state a flat fee for the
services to be provided. In the alternative, we estimate the fees to be
charged based on hourly billing. The fee for estate planning services is in
addition to the $250 fee for the initial consultation.
Refer to the following articles for more information:
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