Estate Planning, Trusts and Wills

Estate Planning may involve only a simple will, or it may involve numerous transactions, trusts and other instruments designed to distribute wealth with an eye toward minimizing tax liability. Wills range from the very simple, such as those leaving everything outright to a spouse, children, and other family members, to the very complex, involving numerous trusts. The simplest wills can be prepared for less than $250. More complex wills, prepared in contemplation of Income Taxes, Estate Taxes, Gift Taxes, and the Generation Skipping Transfer Tax require much more time and expense to be carefully and competently planned, prepared, and implemented.

When the grandmother of a friend passed away, her family's grief was not alleviated by the fact that the government gobbled up 40% of her grandmother's possessions because her grandparents had never set up a trust or utilized other estate planning methods. My friend's grandparents had worked hard, saved diligently and invested wisely. They were provided for in their golden years, and I believe this is part of the American Dream. I do not believe there is room in the American Dream for giving up nearly half of what you own to the government instead of passing it on to your children, grandchildren, and other loved ones.