What kinds of clients do you serve?
We serve a diverse range of clients, including individuals and families from all walks of life. Our practice focuses on estate planning, special needs planning, and asset protection, catering to those with various levels of assets and unique family dynamics. Whether you have a loved one with special needs, are planning for your family’s future, or require assistance with trust administration, we are here to provide tailored legal solutions that meet your specific needs. Our goal is to ensure that every client feels supported and understood, regardless of their circumstances.
I do not have sufficient assets. Do I still need an estate plan?
Many individuals often underestimate the significance of what they own, not realizing that their assets—whether it’s a home, savings, or personal belongings—hold substantial value. It’s crucial to express your wishes and plan for your future, ensuring that your assets are managed and distributed according to your intentions. A proper estate plan includes key documents like a living trust, will, health care proxy, and power of attorney, which ensure that your decisions regarding your health, finances, and minor children are respected if you’re unable to make those decisions yourself. An estate plan allows you to protect what you have, provide for your loved ones, and maintain control over your personal and financial affairs. Planning now can prevent confusion later and ensure that your legacy is preserved in the way you envision.
What’s the difference between an estate plan for families with special needs individuals and families who do not have individuals with special needs?
Most families require a foundational estate plan that includes essential documents such as a Will, Trust, Power of Attorney, and Health Care Proxy. However, for families with individuals with special needs, additional steps are necessary to protect their loved one’s future. In these cases, it’s crucial to consider establishing a Special Needs Trust—either a Third-Party Special Needs Trust or a First-Party Special Needs Trust—depending on the assets involved. These trusts are designed to ensure that the individual with special needs can maintain eligibility for public benefits while still benefiting from the assets set aside for their care.
What steps should I take for my minor children?
If you have minor children, it’s essential to take specific steps in your estate planning to ensure their well-being and future. First, designate a guardian in your will who will care for your children if you are no longer able to do so. Next, consider establishing a trust to manage any assets you leave behind for your children until they reach adulthood. This allows you to specify how and when the funds should be used.
What estate planning steps should I take if I’m going through a divorce or have recently divorced?
During or after a divorce, it’s essential to update your estate plan. You should revise your trust, will, powers of attorney, and healthcare proxies to reflect your new situation. Other key steps include retitling assets, updating beneficiaries on life insurance policies, non-retirement and retirement accounts. Additionally, consider the impact of losing spousal estate tax exemptions and adjust your estate tax planning accordingly. You may also have to reevaluate your nursing home planning strategies and Medicaid eligibility, which may be affected by the division of assets.
I need a will. Do I need a trust too?
While a will is an essential part of any estate plan, a trust may also be beneficial depending on your situation. A will allows you to specify how your assets will be distributed and to name guardians for your minor children. However, a will must go through probate, which can be time-consuming and costly.
A trust, on the other hand, can help you bypass probate, keep your estate matters private, and provide greater control over how and when your assets are distributed. Trusts can also offer tax benefits and protect your assets from creditors. Whether you need a trust in addition to your will depends on your specific goals and the complexity of your estate. We can help you determine the best approach for your situation..
What is probate?
Probate is the legal process through which a deceased person’s assets are distributed according to their Will, or if there is no Will, according to state law. This process involves validating the Will, appointing a Personal Representative (also known as an executor), paying any debts and taxes, and distributing the remaining assets to the beneficiaries. Probate can be time-consuming and costly, which is why many people choose to use estate planning tools, like Trusts, to avoid or minimize the probate process
Does a Will help me bypass probate?
This is a common question that we receive from prospective clients. No – a Will does not help you bypass probate. Wills and probate go hand-in-hand, in that a Will is a set of instructions for probate itself. We help our clients create strategies to mitigate some of the challenges of probate, and offer a wide-variety of solutions including Trusts and Beneficiary Deeds.
I want a Trust—do I still need a Will?
Yes! Wills are a foundational part of Estate Planning. Even if you have a Trust, you’ll want a Will for things like naming a Personal Representative and creating a “pour-over” to your Trust. If you have minor children, a Will is the document where you nominate guardians for your minor children.
What are some of the benefits of a Trust?
Trusts bypass probate, are private, can help mitigate taxes, offer different levels of asset protection, and are oftentimes much less expensive (and significantly quicker) than going through probate. With a Trust, you can plan distribution while protecting the beneficiaries from creditors.
Who should I appoint as my trustee?
When creating a trust, always consider who will serve as your trustee and successor trustees. Choose someone you trust, who is financially savvy, and who understands your wishes. A well-chosen trustee can ensure your assets are managed and distributed according to your plan, protecting your legacy and providing peace of mind.
How often should I update my estate plan?
An estate plan should be reviewed and updated whenever there are significant life changes, such as a marriage, divorce, birth of a child, or the passing of a loved one. Additionally, changes in your financial situation, such as acquiring new assets or significant changes in your income, should prompt a review. Even if no major life events occur, it’s wise to review your estate plan every 3-5 years to ensure it still aligns with your goals and reflects current laws. Regular updates help ensure that your wishes are accurately reflected and that your loved ones are protected.
Do you handle probate matters?
Yes, we handle probate matters as part of our comprehensive estate planning services. Our goal is to ensure that the probate process is handled efficiently and in accordance with your wishes, while minimizing stress and legal complications. If you have questions about probate or need support with estate administration, please feel free to reach out.
Are you available evenings and weekends?
We understand that it can be challenging to find time during regular business hours, so we offer a limited number of evening and weekend appointments to accommodate you.
Is there a charge for a consultation?
No—our first 45-minute consultations are entirely free. During this time, we’ll get to know you, provide an overview of our practice, and address any questions you may have.
I live far from Lexington. Do you travel to meet clients?
We understand that distance can be a concern, and we are committed to accommodating clients regardless of their location. We offer virtual meetings to provide convenience and flexibility for those who cannot visit us in person. If a face-to-face meeting is necessary, we are happy to arrange travel to meet you at a location that works best for you. Your needs and convenience are our priority.