How do I put an estate plan in place?
It is very common for lawyers to receive telephone calls about Wills from people that they have never met. The conversation usually transpires as follows: "We are going on our first trip without the kids. Would you prepare a Will for us, and how much does it cost?” Our answer: "We would be happy to put Wills in place for you as a temporary measure. However, when you return, we need to sit down and look at your overall family and financial situation to make sure that simple Wills are adequate to meet your estate planning needs."
Estate planning recommendations can only be made after full disclosure of family and financial circumstances and a complete analysis of personal objectives. To make proper recommendations, an estate planner must know your complete family tree, the circumstances of children or other intended beneficiaries, the extent and nature of your assets, any circumstances which could change financial or family circumstances, health issues, etc. For example, a share of an estate distributed to a child with tax/marital/creditor/emotional/money management problems can be lost unless properly structured. In such a case, the chance to provide a beneficiary with financial security can be irrevocably lost.
We are also happy to work with other professionals who are currently advising you on related matters. Estate, financial, and tax planning are interrelated. Financial planning builds wealth. Tax planning protects income and wealth from unnecessary taxation. Estate planning protects accumulated wealth from the largest non-market risks to accumulated family wealth: illness, incapacity, and death. In the process of creating an estate plan, if we identify a need together, we may ask you for permission to speak to your other advisors. If you are not working with a financial advisor or an accountant, we may recommend one to you. Of course, these are recommendations, not obligations. You should always work with the professionals that have gained your confidence through your experiences with them.
The first step in the estate planning process is meeting to ascertain your family and financial circumstances. If you are currently working with a financial advisor who has all of your financial information and you give your advisor permission, he or she may be willing to share your financial profile with us. This will make our first meeting much easier for you.
We make client service and satisfaction a priority. We look forward to the opportunity to be of service to you and your family.
Please contact The Law Offices of Flood & Favata for more information or to schedule a meeting with an attorney to discuss your Estate Plan