Experienced Probate and Estate Planning Lawyers
Our lawyers at Carlile Patchen and Murphy focus first and foremost to understand your objectives for your family and your assets. We draw upon our decades of experience in dealing with all kinds of family situations in order to counsel you on how best to achieve your personal objectives. We believe you value this experience most of all in selecting us as your lawyers, and we will share it freely with you. Only after we have helped you formulate your overall plan as to how you will leave your property to your family, will we then drill down hard to make sure we do so in the most tax efficient manner.
Wills, Trusts, and Powers Of Attorney
The most common documents used by most people to carry out their estate plan are wills, trusts, powers of attorney (financial and health care,) and living wills. Everyone needs a will, regardless of the size of their estate, to avoid property passing otherwise than they intend, and to avoid needless probate expenses. Trusts are very useful tools, even for those with modest assets.
Trust Creation and Planning
Leaving some or all of your property in trust allows you to postpone children receiving their entire inheritance at age twenty-one. A trust can insure there are funds available for college, a down payment of a first house, or other “mature” needs of young adults. A trust can protect your children’s inheritance from their creditors, including a spouse in a divorce. A trust can provide for flexible terms to change, as future circumstances might change.
Now more than ever estate plans need to be specifically tailored to meet your family’s particular needs. As the amount of assets that can be passed down to future generations free of gift and estate tax continues to increase (presently $10,680,000 for a married couple,) the ability to structure a unique multi-generational trust plan to protect your family and your assets from tax and creditors has also increased significantly.
Our lawyers can assist you in creating several special purpose trusts, such as Gun Trusts, Pet Trusts, and other very helpful vehicles to handle unusual assets or circumstances.
We can guide you in choosing the right executor or trustee to insure that your wishes are properly and professionally carried out.
We can assist you in choosing someone to manage your, or your children’s, money.
Importance of Estate Planning
Failing to plan can have unanticipated and undesired results, with assets ending up in the hands of unintended persons or being reduced unnecessarily by taxes and administrative expenses. Through our advance planning we will help you preserve your life savings and assure that it will be used in the intended manner.