Flexible and Personalized
At Aaron Cohen Law, we strive to prepare you and your family for every outcome. That's why we work with our clients through each stage of their estate planning process. Our goal is to protect your loved ones from uncertainty when you pass away and to ensure your assets are handled according to your wishes. Estate planning is so much more than drafting a will. It is the start-to-finish development of the most important plan you will ever put in place.
Put Your Mind at Ease
Having an estate plan in place, although necessary, is only just the beginning. There are many steps that must be taken to ensure that your plan comes to fruition after you're gone. Here at Aaron Cohen Law, we will guide your family members and loved ones through the process of your estate and trust administration after you have passed. Following the proper steps when administering a trust is key to a successful estate plan. Contact us today for more information.
What is Estate Planning?
Control my property while I am alive and well.
Provide for my loved ones and myself if I become incapacitated or disabled.
Give what I have to whom I want, the way I want, when I want.
Minimize the impact of professional fees, court costs, and taxes.
Why have an Estate Plan?
There are many benefits to having an Estate Plan. When a person dies, his or her property must be transferred to his or her heirs. If there is no plan in place, a court will often decide what will happen to the deceased’s property. This process is called Probate. During this court process, a judge will have the absolute discretion to decide where the property will go. Having an Estate Plan eliminates the need for Probate and allows you to decide exactly what happens to your property when you die.
A Revocable Living Trust Based Plan
Having a revocable living trust is one of many ways to prevent your estate from having to go through probate when you die. A revocable living trust provides many benefits:
1. After creating a revocable living trust, you remain in control of everything.
a. You are the trustee;
b. You can amend or revoke the trust at any time;
c. You can decide how to invest any property within the trust;
d. You can withdraw any property in the trust at any time;
e. You do not need to get a separate Tax ID number for the IRS; and
f. You will not need to file a separate tax return.
2. A revocable living trust can help you plan for disability.
3. With a revocable living trust, it is less likely you will need a conservatorship.
4. You can easily provide for loved ones.
A revocable living trust can minimize the costs your family and loved ones will have to endure by:
a. Reducing professional fees and court costs related to administering your estate, and
b. Help save on estate and generational skipping transfer taxes.
This is accomplished by avoiding the probate process and keeping what happens with your estate private.