You have an estate. It is comprised of everything you own — your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions, shares in companies, etc. You probably want to control how those things are given to the people or organizations you care most about. At the Rabb Law Firm, our attorneys can set up a comprehensive plan to ensure that your estate is distributed how you want, when you want, and to whom you want. You will, of course, want this to happen with the least amount paid in taxes, legal fees, and court costs.

That is estate planning — making a plan in advance and naming whom you want to receive the things you own after you die. To ensure that a good estate plan is put into action The Rabb Law Firm provides much more. The Rabb Law Firm attorneys can also:

• Include instructions for passing your values (religion, education, hard work, etc.) in addition to your valuables.

• Include instructions for your care or finances if you become disabled before you die.

• Name a guardian and an inheritance manager for minor children.

• Provide for family members with special needs without disrupting government benefits.

• Provide for loved ones who might be irresponsible with money or who may need future protection from creditors or divorce.

• Provide for the transfer of your business at your retirement, disability, or death.

  An Estate Plan Begins with a Will or Living Trust

  A will provides your instructions, but it does not avoid probate. Any assets titled in your name or directed by your will must go through your state’s probate process before they can be distributed to your heirs. (If you own property in other states, your family will probably face multiple probates, each one according to the laws in that state.) The process varies greatly from state to state, but it can become expensive with legal fees, executor fees, and court costs. It can also take anywhere from nine months to two years or longer. With rare exception, probate files are open to the public and excluded heirs are encouraged to come forward and seek a share of your estate. In short, the court system, not your family, controls the process.

  A revocable living trust is preferred by many families and professionals. It can avoid probate at death (including multiple probates if you own property in other states), prevent court control of assets at incapacity, bring all of your assets (even those with beneficiary designations) together into one plan, provide maximum privacy, is valid in every state, and can be changed by you at any time. It can also reflect your love and values to your family and future generations.

  Unlike a will, a trust doesn’t have to die with you. Assets can stay in your trust, managed by the trustee you selected, until your beneficiaries reach the age you want them to inherit. Your trust can continue longer to provide for a loved one with special needs, or to protect the assets from beneficiaries’ creditors, spouses, and irresponsible spending.

  A living trust is more expensive initially than a will, but considering it can avoid court interference at incapacity and death, many people consider it to be a bargain.

  A Well-Prepared Estate Plan Provides Peace of Mind

  Knowing you have a properly prepared plan in place - one that contains your instructions and will protect your family - will give you and your family peace of mind. This is one of the most thoughtful and considerate things you can do for yourself and for those you love.

  Codicils to Wills or Amendments to Trust Can Keep Your Estate Plan Current

  An estate plan is an ongoing process, not a one-time event. Your plan should be reviewed and updated as your family and financial situations (and laws) change over your lifetime. The Rabb Law Firm attorneys can update your existing estate plan to address these changes.

  Asset Protection

  Anyone with something to lose should consider protecting it. Asset protection planning is a legitimate form of wealth planning. The Rabb Law Firm helps its clients preserve and protect their property in advance of a claim or the threat of a claim. The goals is to provide an incentive for a potential judgment creditor to settle a claim, to improve the client’s bargaining position, offer options when a claim is asserted, and, ultimately, deter litigation.

  On the other hand, asset protection planning is not about avoiding taxes, keeping secrets, hiding assets, or defrauding creditors. Asset protection planning will not be effective to shield property from an existing claim. It must be done long before there is even the hint of a claim.

  In developing an asset protection plan, The Rabb Law Firm takes our clients’ entire situation into consideration. The legal and financial vehicles that The Rabb Law Firm considers to protect assets range from insurance policies, state homestead protection laws, domestic asset protection trusts (where permitted), business vehicles, estate planning instruments, and more. These tools can help protect your assets from future creditors, divorces, lawsuits or judgments. A well-prepared asset protection plan should make it difficult or impossible for someone to take your assets. Contact The Rabb Law Firm to begin an asset protection plan now.