Legacy Planning

State and federal laws that impact estate planning are constantly changing. At Callaghan Parente we are committed to staying on top of this ever-changing area of law. We recognize that you have worked hard for what you have. That is why you need the assistance of dedicated experienced attorneys to devise a wealth preservation strategy to ensure that you optimize the goals set for your nest egg. Whether it be for your own retirement, college planning, a vacation home, or other objectives, proper planning is essential to help ensure that upon death your assets are distributed according to your wishes, without payment of unnecessary taxes. With proper planning you can protect your estate and retain more of your assets, while leaving a lasting legacy for your family. The first step is to have an Estate Planning Check-up.

A thorough estate plan takes into consideration wealth preservation with an eye toward minimizing or eliminating unnecessary estate tax liability and ensuring the smooth transition of assets to designated people or entities. A thorough estate plan should consider Medicaid and long-term care planning, and can provide for minor children and dependent adults, when necessary.

Many estate plans include wills and/or trusts, as well as powers of attorney and health care directives. In some cases, more elaborate or individualized legal plans are necessary for proper estate planning. Some of these more complex techniques include various types of trusts, family limited partnerships (FLPs) and limited liability companies (LLCs). We are also experienced in creating Special Needs Trusts for a child or other family member who is unable to manage his or her own assets.

Medicaid planning is an important consideration in the estate planning process. A significant number Americans will eventually spend some time in a nursing home. Effective Medicaid planning, like good estate planning, will help to ensure that precious assets are not needlessly spent on health care, that critical public health benefits are not compromised, and that there your assets are preserved for distribution according to your wishes.

Equally important to the estate planning process is establishing procedures that guide your designated decision-makers in the future, and ensure that your final wishes are honored. There are many acceptable ways to plan for all the stages of your life. We can assist you and your family through the creation of living wills in consideration of possible health-care related decisions, as well as the creation of health care proxies, trusts, and powers of attorney.

If you have children, it is important to consider the possibility of drafting a will with the added provisions of a minor’s trust, as well as a provision for the guardianship of your minor children.