Estate planning is a process. It can encompass much more than the simple writing of a will. A will is one part of the planning process, but other documents are needed to fully address your estate planning needs. Estate planning may involve financial, tax, medical and business planning. For any given estate, there are countless ways to structure an estate plan. A skilled estate planning lawyer will consider your goals and objectives, and design a unique plan just for you.

Estate planning usually focuses on how your assets will be distributed after your death. If you do not plan your estate prior to death, you will die “in testate”. If you die in testate, state law determines who receives your property. This process is called probate. Probate can be costly, time-consuming, and public.

Integrated estate planning focuses not only on what happens after your passing, but also focuses on preserving your wealth and lifestyle during your lifetime. Asset protection is the lifetime side of estate planning, as is incapacity planning. While asset protection planning is primarily concerned with preserving your wealth while you are alive and well, incapacity planning narrows the planning focus to preserving your wealth and lifestyle should you become unable to do so yourself.

Alexandria C. Streich practices integrated estate planning by addressing issues during life, incapacity, and after death. Your accountant and financial planner may play a part in designing a plan that is best suited for you. It may also be necessary to consult with life insurance salespersons, bank trust officers, personnel managers and pension consultants to properly plan your estate. When we meet, we will discuss your assets, objectives, and lifetime goals. If necessary, I will also consult with other professionals about particular aspects of your estate. I will then devise a plan that best suits your needs, seeks to minimize state and federal taxes, and protects your assets during your lifetime.

You should also consider that estate planning is a dynamic process: laws as well as your situation change. It may be necessary to adjust your estate plan every so often to reflect those changes.

Costs of estate planning will vary substantially from attorney to attorney. It is very important that the quote for a living trust includes consultations, supplementary documents, and help in getting assets transferred into the trust, since a trust without assets will NOT avoid probate. Beware of mail order trusts, or trusts marketed by nonattorneys. Each individual estate plan is unique and must be designed specifically for you. Paying for an estate plan without personally meeting with the attorney is like having surgery without the doctor in the room. Results can be disastrous, and nonattorneys have no insurance which covers errors made in the practice of law. Documents are worthless if they don’t fit your needs! We have reviewed plans which could create hundreds of thousands of dollars in unnecessary tax liability due to improper drafting. By the time liability arises, the ‘company’ may be long gone or uncollectible. Be selective in choosing the attorney who drafts your plan.