Personal Estate Planning
At Langsdorf Law Office, PLLC, our #1 goal is to provide you with a comprehensive and practical estate plan that you and your loved ones can understand. The estate planning products and services we offer include preparing fundamental estate planning documents such as Wills, Trusts, and Transfer-On-Death instruments, but when more sophisticated planning is required, we offer the guidance and expertise you need.
Regardless of your situation, it is imperative that you have an appropriate estate plan in place to ensure that your wishes are met, your legacy is preserved, and your family and loved ones are taken care of in the manner you see fit!
Our estate planning services include, but are not limited to, preparing and advising clients regarding the following estate planning devices:
Wills
A will distributes your property upon your death. You may also use your will to appoint a personal representative (or executor), nominate guardians for minor children, create trusts for minors and young adults, and reduce your estate tax liability. Please visit our Fiduciaries & Agents Summary page for more information regarding the persons you would appoint in a Will.
Transfer On Death Deeds
Transfer on death deeds allow you to transfer your real estate at death without going through probate. Just like in a will or a trust, you can use a Transfer on Death Deed to designate who you want to receive your real estate after your death, but still remain the owner of the real estate during your lifetime. Then at death, the real estate can be transferred to the beneficiaries without probate. During your lifetime, you would retain all the same powers you had before executing the transfer on death deed, meaning you could still sell, mortgage, or do anything you wish with the real estate prior to your death.
Revocable Trusts
The primary function of a revocable trust is to serve as a will-substitute that allows you to transfer property at death without probate. It may also be used to provide for the lifetime management of your assets in the event of your incapacity (helping you avoid court conservatorship proceedings), create trusts for children and grandchildren after your death, and avoiding or reducing estate tax liabilities. Please visit our Fiduciaries & Agents Summary page for more information regarding the persons you would appoint in a Revocable Trust plan.
Power-of-Attorney Forms
A power-of-attorney form is a legal document with which you may appoint an agent (called an attorney-in-fact) to help you manage your property and financial affairs should you become incapacitated. A properly executed power-of-attorney form can help you avoid the need for a court-appointed conservator. Please visit our Fiduciaries & Agents Summary page for more information regarding the role of an attorney-in-fact in your estate plan.
Irrevocable Trusts
Generally, the main purpose of creating an irrevocable trust for a client who is still living is to remove certain assets from that individual’s gross estate, which avoids or reduces the estate tax due following their death. The most common irrevocable trust we prepare for our clients who are likely to have a taxable estate when they die is an Irrevocable Life Insurance Trust (ILIT). An ILIT is designed to remove a life insurance policy from the insured’s gross estate to reduce the estate taxes that would be due after the insured’s death, but at the same time still making the life insurance proceeds available to pay estate taxes and other expenses. A common misconception is that life insurance policies pass completely tax free, which is only true with regard to income and capital gain taxation. Unfortunately, the proceeds from a life insurance policy do not pass estate tax free, which is why using an ILIT as described above can be very beneficial for individuals who have a taxable estate. In most cases, preparing an ILIT will require the involvement of a qualified insurance or financial agent to determine if there is a policy that the client qualifies for and selecting the proper type of insurance product.
Another irrevocable trust that we offer is a Grantor Retained Annuity Trust (GRAT), which is designed to remove the future appreciation in the value of certain assets from the grantor’s estate through gifting.
Healthcare Directives
A healthcare directive is a document that allows you to appoint a healthcare agent to speak to healthcare professionals on your behalf in the event you become incapacitated. Your healthcare agent can provide consent to treatment for you and can carry out your wishes regarding your end-of-life healthcare. A properly executed healthcare directive may eliminate the need for a court-appointed guardian. Additionally, a healthcare directive can include instructions and guidance for your agent(s) and loved ones regarding your organ donation preferences, religious traditions or beliefs, burial or cremation preferences, funeral/memorial services wishes, and any other desires or beliefs that you would like to communicate to them. Please visit our Fiduciaries & Agents Summary page for more information regarding the role of a healthcare agent in your estate plan.
Contracts for Deed and Other Real Estate Transfer Documents
As part of our estate planning services (and often times our business succession services), we prepare Contracts for Deed and other real estate transfer documents for our clients who are looking to sell, transfer, or transition their agricultural, commercial, recreational, or other real estate holdings during their lifetime.
Qualified Personal Residence Trust (QPRT)
This special kind of trust removes the value of residential real estate from the grantor’s gross estate while also allowing the grantor to use and occupy the property for a fixed period. The QPRT is sanctioned by the Internal Revenue Code, and is frequently used to hold a cabin or second home.
