ESTATE PLANNING, WILLS, AND PROBATE

        Many people have a reluctance to take the necessary steps to efficiently transfer their property to their heirs or chosen recipients. The attorneys who deal with estate planning at Moulton Bellingham are experienced in discussing and explaining the advantages of early planning. Too often a couple or an individual believe that they have adequately organized their estate by transferring property into joint tenancy. While joint tenancy may have its place for some estate planning, many times it can cause unexpected and adverse tax results, as well as result in a loss of control of property.        

     Because of the complexities of the taxing statutes, we believe that a person should have the competent advice of an attorney with special training in the tax law before making decisions about their estate. Sometimes a person who believes that he or she has only a modest estate is surprised by the total when all of the various assets are added together, including a home, insurance, and employment benefits. There are usually methods of reducing or eliminating tax which should be explored.

         Additionally, the estate planning attorneys at Moulton Bellingham are able to offer and explain to clients alternatives to probate. Revocable living trusts will be explored to determine if they present the proper balance between client control and disposition of assets. If irrevocable trusts can be employed to reduce eventual estate tax, they may be suggested. If ownership of a business constitutes a large asset in an estate, alternative forms of organization or ownership may be suggested for consideration.

       A person's decisions with regard to how he or she will transfer their estate are some of the most important decisions to be made. In addition, other testamentary options may have to be investigated, including the naming of the personal representive, scheduling the timing of bequests to younger beneficiaries, and the naming of potential trustees, guardians, or conservators of persons and assets. Gifts to charitable organizations, either as an eleemosynary act or an estate planning tool, are an alternative which many persons choose to utilize in conncection with their estate plan.

         Most clients discussing estate planning wish to give directions regarding the extent of extraordinary medical care which may be required during a terminal illness. Such a "living will," is routinely discussed in connection with the estate planning process at Moulton Bellingham, and is normally prepared without additional expense to the client.

        Sometimes more elaborate estate planning presents a choice of larger initial costs in order to reduce future taxes or probate fees. A simpler will or document may suffice, but present greater expense and inconvenience to heirs and devisees. At the Moulton Firm we believe that the client, after educated and informed consideration, is the person who should make that choice.