Estate Planning: Wills & Trusts

The current use of the term “estate planning” has brought many meanings. It can mean something fairly simple such as preparing a will, to something very complex such as planning for tax savings and multiple generation transfers.

A trust is simply a document, much like a contract, that creates legal responsibility to manage assets of all types.  A trust has three parties:

  • The person who creates the trust (grantor or settler)
  • The person who will provide the management of the assets (trustee)
  • The person or persons who will receive benefit from the trust (beneficiary)

Interestingly, one person can hold all three positions.  Also, a corporation or other non-person can be any one or all of the three positions.  In the most common situation, a person creates a trust that is revocable and the same person serves as trustee and beneficiary.

If our analysis of the client’s financial situation indicates that the estate would be taxed, or likely to be taxed, we will add language that helps either reduce or eliminate the tax.  Trusts will not “cure all ills,” but are one of the money good techniques to use to simplify the management and transfer of assets.

When we finish a matter for our estate planning clients, we ask them to evaluate their experience. We always hear they appreciate the Adrian & Pankratz approach, which emphasizes planning unique to their specific needs. They say we hear them and respond to what is said. They say we are clear and understandable in our explanations.  Since our questionnaires request that clients rate us, we know that we regularly receive high marks. We want to keep those ratings and will do all we can to maintain that status. As a result, our clients benefit by receiving estate planning tailored to their needs in a manner they understand.

Areas of Representation

  • Trusts
    • Single
    • Joint
    • Special Needs
    • Revocable
    • Irrevocable
  • Wills
  • Living Wills
  • Durable Power of Attorney for Healthcare
  • Financial Durable Power of Attorney

Estate Planning Forms

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