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| Estate Planning and Family Law |
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Murphy,
Brenton & Spagnuolo, P.C. has qualified attorneys to
assist in estate planning and estate and trust
administration. Our law firm's attorneys can create
an estate plan to avoid probate and reduce estate
taxation whenever possible. 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.
The law firm's attorneys have experience with family business succession, which requires careful planning to protect the value of the family business. It often takes years, even generations, to create a
successful family enterprise which needs to be protected from onerous taxation and possibly liquidation upon the owners death. |
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- Trusts
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- 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 the following amounts are exempt from Federal estate taxes:
Year
2007
and 2008 -- 2,000,000
2009 -- 3,500,000
2010 -- Unlimited
2011 and beyond -- 1,000,000
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- Wills
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- 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.
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- Guardianships
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- 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.
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- Estate Planning
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- 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 - such as guardianship, power of attorney, and living wills - may come into play as well.
Estate plans should be updated regularly. Estate taxation is evolving and will likely change again
prior to the 2011 estate unified credit
reversion.
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