Murphy & Spagnuolo, P.C. has qualified attorneys to assist in estate planning and trust administration. Our law firm’s attorneys can create an estate plan that works for your individual needs. Revocable, irrevocable, and life insurance trusts are just some of the tools used to assist the client in estate planning. Our law firm’s attorneys are experienced in independent and supervised probate administration.
- Trusts can take many forms, but the most common form is the revocable living trust in which the grantor transfers assets during his/her life for convenient management and probate avoidance upon death. The surviving spouse usually retains complete control and management authority. We will be happy to determine the option that best fits your needs.Federal Estate Tax Exemption. Estates with assets less than $5,000,000 are exempt from Federal estate taxes.The annual gift tax exclusion is $13,000 per person.
A short will is often adequate for single people in good health and with estate assets under the Federal exemption amount. A competently prepared will saves money and time in probate court. However, persons leaving significant contributions to charities often do not want public disclosure. In this instance a revocable living trust may be more appropriate.
- When parents are unable to take care of a child as a result of the parents’ death, illness or other incapacity, an adult guardian must be appointed. If the child inherits money or property, a guardian or conservator may be appointed for the child as well. Also, guardians and conservators can be appointed for incapacitated adults.
- People prepare estate plans in order to distribute their assets with the least amount of tax consequence, to avoid probate, and to direct distribution of their property after death. This is typically done by creating wills and/or trusts, though other possibilities may come into play as well.Estate plans should be updated regularly.