Basic Estate Planning

“Basic” estate planning, which might also be called “contingency planning,” is usually the first step in the estate planning process. It always begins with an evaluation of the client’s objectives and family and economic situation. We advise our clients about alternative methods of holding tite, such as community property versus separate property, the use of revocable living trusts, the advantages and disadvantages of joint tenancy, and the appropriate use of specific business entities. After working together with the client to develop an appopriate plan, we prepare the documentation needed to implement it. This is likely to include wills, revocable living trusts and powers of attorney for property management and health care.

Even at this level, however, no “one size” fits all. We are especially sensitive to the needs of clients with special children, blended families, privately held assets, non-citizen family members and other significant circumstances, and we apply our experience in accomodating a wide variety of situations. We also strive to minimize future controversy; we know that clear expressions of our clients’ intent in their estate planning documents can avoid ambiguity and deter later challenges to the plan.

Our advice extends as well to the proper designation of beneficiaries of our clients’ life insurance and retirement plans, as such designations must be coordinated with the terms of any basic estate planning documents and periodically adjusted in response to frequently changing laws. This is especially true when these assets are intended to be held in trust following the insured’s or the participant’s death.