An estate plan prepares a person’s assets for a smooth transfer to family members or loved ones after the person’s death or incapacitation. You don’t need to be wealthy to incorporate an estate plan into your preparation for the future. Estate plans can address a variety of needs and eliminate any uncertainties for your family and loved ones. Without a well-organized estate plan in place, the people you leave behind might end up contesting assets in probate court, a lengthy and costly procedure. An experienced estate planning lawyer can help you customize a plan that’s best for you and your family.
When searching for an estate planning lawyer, you want to be sure that the attorney you work with understands your wishes and concerns and has the legal expertise to ensure your estate plan will be effective in carrying out those wishes, all while avoiding unnecessary costs and expenses. Formulating an estate plan can become an incredibly complex process that requires knowledge and experience to determine the planning strategy best for you and your family. The assistance of a seasoned attorney is the best way to ensure your family’s future is secure and your wishes are honored.
What Should Be the Ultimate Goal of a Proper Estate Plan?
A proper estate plan should, to put it simply, accomplish the client’s goals. Every client has a different life, a different family, a different situation, and different priorities. After starting Klein Law Firm, P.C., my job has been to take those goals and put them in the form of a legally enforceable plan that’s practical and will give them some peace of mind, while avoiding heavy taxes on assets at the same time.
Estate plans can cover assets ranging from houses and cars to jewelry and family heirlooms. For families with minor children, an estate plan can assign guardianship should both parents pass away or become incapacitated. In general, a strong plan will name an executor to oversee the terms of the estate, set up power of attorney, make funeral arrangements, name beneficiaries, and limit the amount of taxes those beneficiaries will have to pay upon receipt of their inheritance.
Through the creation of trusts and other estate planning tools, a skilled lawyer can help clients avoid the prospect of probate court for their family, which means better protection of assets and fewer estate taxes. Trusts can protect real estate, investment accounts, bank accounts, and other valuable assets by keeping them on behalf of named beneficiaries and providing a smooth transfer of those assets after death. By bypassing probate court, families and trustees can save time, money, and stress.
No one wants to leave a headache for their families, so the process of settling the estate should be as smooth as possible. People who have lost a family member are already going through a lot. If you have the foresight to get everything done before they experience that loss, it can help them out tremendously and ensure that their interests are protected, all while best honoring your legacy. Read More
- What Led You To Practice Estate Planning Law?
- What Are The Top Misconceptions That People Have About Estate Planning?
- What Are The Key Components Of An Estate Plan?
- How Often Should I Review Or Update An Estate Plan?
- Can Someone Set Up An Estate Plan Without An Attorney?
Klein Law Firm, P.C. Sets the Standard for Estate Planning in Denver, CO
At the Klein Law Firm, P.C., our estate law expertise can save you time and money when transferring an estate. We wish to provide you with the peace of mind in knowing your hard-earned property is protected and will ultimately be distributed to your loved ones in the manner that you wish.
We will formulate an estate plan that streamlines the administration of your estate while maintaining privacy. Our wide array of estate planning services includes help with:
- Powers of Attorney for Property and Health (including mental health)
- Living Wills
- Asset Protection planning, including business entities, irrevocable trusts, and charitable gift giving
- Estate and transfer tax planning including irrevocable trusts, formation of business entities, and charitable gift planning
- Trust administration
- Special needs planning
- Medicaid planning
Regardless of the complexity of your estate, our trusts and wills attorney Daniel R. Klein can help you develop the best possible estate plan that is appropriate for you and your family.
We’ll Treat You Like Family
Estate planning doesn’t have to be intimidating. At the Klein Law Firm, P.C., we assist our clients with the intricacies of estate planning to bring peace of mind to an issue that often causes anxiety or fear. We use a personalized approach to meet each family’s goals for their future and provide an abundance of resources to ease the process of preparing for whatever tomorrow may bring.
Our goal is to give you a positive, cost-effective estate planning experience, one where you feel your goals have been met and your concerns heard by a dedicated estate planning lawyer knowledgeable in the field. Attorney Daniel R. Klein has over sixteen years of experience working with individuals and families, including those who have loved ones with special needs, as they plan for the future.
Isn’t Estate Planning Only Meant For People Who Have Large Estates Or Substantial Assets?
Estate planning is for everyone. Whether you have a modest or large estate, it is essential to have a reliable estate plan in place. The common misconception that estate planning is only meant or reserved for the wealthy is an outdated notion. Today, an estate plan can benefit any individual or family, no matter the size of their estate or number of assets. At the Klein Law, Firm, P.C. in Denver, CO, our estate planning attorney has assisted clients from various backgrounds. We are committed to making sure that every client establishes an estate plan that is right for their needs and circumstances.
The truth is that if you are aging, own property, and/or have loved ones, you should consider having an estate plan. An estate plan can safeguard your assets, loved ones, and yourself, no matter your income level or tax bracket. As we age, there are certain directives that should be established. No one knows the future. Unfortunately, if a life event leaves a person incapacitated, they will need someone else to help make decisions on their behalf. It is not a requirement to be wealthy to have a health care directive and power of attorney in an estate plan as a precaution. Nor do you need to be wealthy to ensure that your children and family members are protected from legal battles, high taxes, loss of assets, and disputes. An estate plan can avoid the obstacles and issues that can arise after you are gone. If you are considering an estate plan, do not hesitate to contact an estate planning attorney. A thorough and proper estate plan can eliminate problems and ensure a seamless transference of property and assets.
The Difference Between A Will And Trust
Both wills and trusts are essential in estate planning. They are useful tools that enact the wishes and needs of their owner or creator. However, even though many consider wills and trusts to be the same, they are not. They each serve a different purpose. Nonetheless, a will and trust can work together to form a comprehensive estate plan.
One primary difference between a will and trust is that a will takes effect soon after a person passes away. A trust, on the other hand, takes effect immediately after it has been created. A will indicates the people who will receive certain assets or property after the owner passes. Usually, a will lists smaller items of property, such as jewelry, furniture, artwork, collectibles, etc. If you have children, a will can also name the guardian you wish to appoint to take care of your children. A will also requires probate to legally transfer all assets and property named in the will to the designated beneficiaries. As such, a guarantor will be named in a will to help with the transference process.
Trusts do not require probate. You can list your home and other higher-value items or assets under a trust. It is worth mentioning that there are various types of trusts. As a result, it is highly recommended to consult with a wills and estate planning lawyer about implementing a will and trust in your estate plan. A wills and estate planning lawyer can advise on the types of trusts that should be included in your estate plan.
Here at the Klein Law Firm, P.C., we’ll treat you like family from our office in Denver, Colorado.
To find out more about estate planning or for a free consultation with an estate planning expert, please contact or call us today.
Call For A Free Consultation