PUTTING YOU AT THE CENTER OF YOUR PLANNING
BEFORE HIRING AN ESTATE PLANNING ATTORNEY
UNDERSTAND THE DIFFERENCE
Many estate planning attorneys take a "one-size-fits-all" approach with their clients. They do this so that they can work with as many people as possible in a short period of time.
The problem is that the client has an impersonal experience, and worse than that, this way of planning can lead to unintended results in the long run for the family.
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OUR PLANNING PROCESS
TAKING A STEP TOWARD PEACE OF MIND
We know that beginning your estate plan is a big step.
Our process is designed to ensure your confidence in the planning process each step of the way, and our planning process is the perfect combination of efficiency and warmth.
Every decision is carefully reviewed with you and yet the entire process stretches out only eight weeks. You can feel confident knowing that within two months of meeting with us, your family could be totally planned for, protected and not at risk of being stuck in court or conflict if something happens to you.
YOUR INITIAL MEETING: THE LEGACY PLANNING SESSION
We know that beginning your estate plan is a big step.
Our process is designed to ensure your confidence in the planning process each step of the way, and our planning process is the perfect combination of efficiency and warmth.
Every decision is carefully reviewed with you and yet the entire process stretches out only eight weeks. You can feel confident knowing that within two months of meeting with us, your family could be totally planned for, protected and not at risk of being stuck in court or conflict if something happens to you.
SCHEDULE AN APPOINTMENT
Choose from the appointment types below & see how we can help you achieve your goals!
ASSET PROTECTION
We assist our clients in determining the appropriate level of asset protection planning for their particular circumstances. We will consider insurance, prenuptial agreements, asset segregation, choice of jurisdiction, gifting, LLCs, partnerships, corporations, and asset protection trusts.
There are many different strategies to accomplish the protection of your assets both while you are alive and for your family after you are gone.
ESTATE TAX PROTECTION & PLANNING
During your life you pay all kinds of taxes: income taxes, property taxes, sales taxes, and so on. And at the end, the government still wants to tax you on the assets you have left at your death.
This is known as the estate tax, sometimes called the “inheritance tax” or “death tax.”
The best way to protect your assets and your family’s future from excessive taxation is to hire an attorney who specializes in estate tax planning. We can help you reduce – if not entirely avoid – the federal estate tax burden.
HOW DOES THE ESTATE TAX WORK?
Estate tax is totally separate from federal income tax, property tax, sales tax, and every other type of tax you’ve paid during your lifetime.
Estate tax is a tax paid on the net value of all your assets owned at your death.
However, there are fairly sizable exemptions to the estate tax so it is primarily a high net-worth individual or family who is affected.
This said, the estate tax rate is a whopping 40% on your net estate, so if you do have an estate tax problem, we are talking about potentially massive sums of money your estate will owe to the government before a single heir would enjoy a single penny.
ADVANCED ESTATE PLANNING STRATEGIES
Families with high-value estates face several complex legal and tax issues – estate tax is only one of them.
We offer a number of advanced estate planning strategies that are aimed primarily at reducing a family’s tax burden. In addition to minimizing or eliminating the estate tax liability, we also help you leverage the advantages of gift tax and generation-skipping tax to pass assets on for successive generations without risk of a tax liability decimating your estate at each generation.
Some of our most popular advanced estate planning tools and strategies include:
Life Insurance Trusts
Land Trusts
Qualified Personal Residence Trusts
Grantor Retained Annuity Trusts
Family Limited Partnerships or Limited Liability Companies
Asset Protection Trusts
Asset Gifting
At your Legacy Planning Session, we can go into detail about how you can minimize the potential tax burden faced by your family so that you can maximize the inheritance you pass on to your loved ones.
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PLANNING FOR YOUR CHILDREN
Having a Will Alone Does Not Ensure the Care of Your Kids
If you are a parent of minor children who are counting on you, your estate plan must begin with ensuring your children would always be taken care of by the people you want, in the way you want, no matter what happens.
One of our areas of greatest expertise is in planning for the well-being and care of the children you love – all the way from newborn to age of majority, and all the way through adulthood if your child has a special need.
Without Proper Planning, Here's What Could Happen
"Did you know that 69% of parents haven't named guardians for their kids. And of the 31% who have, most have made 1 of 6 common mistakes? Schedule a Legacy Planning Session with us today, so we can fix those mistakes with you."
- Carina de la Torre
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Your children could be placed into the care of strangers while the authorities figure out what to do (yes, even if you have a will in place and even if you have a living trust). It’s true that this would likely only be temporary, but trust us: you never want your children in the arms of strangers, not even for a minute.
Your children could be put into the custody and care of someone you would never want, like that one family member who has good intentions but who you would never want raising your kids.
A judge who doesn’t know you or your family will decide who will raise your kids, even if it is the last person you would ever want.
Your family could get into a long drawn-out custody fight or there could be a challenge to the guardians you have designated.
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Up to 5% of the value of your assets could be lost to court costs and other unnecessary fees through the probate process, a court process that can tie up your assets for years and deprive your kids of the resources they need to live comfortably.
When your kids turn age 18, they get a check for whatever assets are left, no matter how immature they might be or what financial lessons they have not had a chance to learn yet.
Unscrupulous people out there find out when 18-year olds are getting that inheritance check by searching the public court records.
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Unfortunately, the vast majority of estate planning attorneys do not address these issues and do not plan from a parent's perspective.
Yes, these things scare us too.
That’s why we offer a Kids Protection Plan® with every estate plan we do for families with young children.
Kids Protection Plan
Your Kids Protection Plan® is a set of instructions, legal documents and an emergency wallet card.
If you are in an accident, your Kids Protection Plan® will make sure your children are never taken into the custody of Child Protective Services, strangers or the care of anyone you would not want simply because the authorities don't have clear instructions from you.
And your Kids Protection Plan® will ensure your children are raised by people you choose, not someone chosen by a judge who doesn’t know you.
Get started with your Kids Protection Plan® today!
SPECIAL NEEDS PLANNING
Estate planning for a family with special needs children comes with a complex set of financial, social, and medical issues that some lawyers are ill-equipped to handle.
We can help you pass on the financial assets needed for your child to live a rich quality of life without jeopardizing their eligibility for government benefits. We will also assist you in finding and appointing a trusted guardian and/or trustee to look after them in the event of your death or incapacity. And we will help with locating the best residential opportunities and identifying the best means to pay for them.
GUARDIANSHIP & CONSERVATORSHIP
Whether through illness, injury, or mental decline, anyone can require a guardian or conservator to care for them if they become mentally or physically incapacitated.
Children automatically qualify as not having the “capacity” to be in charge of their own financial affairs and decisions about their well-being.
And an adult may qualify as not having “capacity” if he or she becomes seriously ill or injured.
At Tower Law Group, we can guide you through the often complex and emotional process of the probate court appointing a conservator or guardian for you or for your loved ones.
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How is the Personal Representative Chosen?If the deceased person left a last will that is recognized as valid by the probate court, then the person named in the will as the executor or personal representative typically will be appointed, barring extraneous issues such as that person’s illness or old age. If the person named in the last will is unable or unwilling to serve as Personal Representative, or if there is no will at all, then the probate court may appoint an adult family member, trusted friend, or professional third party.
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Could I Be Held Personally Liable For Making A Mistake As An Personal Representative?Being an Personal Representative is a big responsibility. The probate code contains pages upon pages of complex legal rules and procedures that an Personal Representative must follow during the probate process. In addition, there are certain deadlines that an Personal Representative must meet in filing papers with the court and providing notice to interested parties. If an Personal Representative does not comply with any of these rules, he or she can be held personally liable for any losses to the estate.
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My Loved One Had A Trust… Will We Need To Go Through Probate?In most cases if your loved one left a trust as the cornerstone of their estate plan, then no you do not need to go through probate. However, there is one big caveat here: The deceased must have ensured that all of his or her assets were properly titled in the name of the trust or properly named the trust as beneficiary in order to completely avoid probate. Unfortunately, not all estate planning attorneys who draft a trust for their clients ensure that assets are properly owned and beneficiaries are properly designated. Oftentimes, a trust was prepared many years ago and was never updated. Assets changed, the law changed, but the trust only got more out of date. That is why it is so very important that you carefully choose your estate planning attorney who will meet with you for regular reviews of your estate plan and your assets so that the planning you do now works as planned later.
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What Assets are Subject to Probate?As a general rule, assets owned solely in the name of the deceased person are subject to probate. By contrast, assets with title designated as “joint tenants with right of survivorship” are not subject to probate and pass by operation of law to the surviving joint owner. Also, assets with a “transfer on death” or “pay on death” designation, such as life insurance and retirement accounts, are not subject to probate and pass by operation of law to the designated person.
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How Are Probate Assets Distributed If There Is No Will?When there is no will or trust to dictate who receives what, then probate assets will be distributed according to state law. In other words, the state legislature has made their best guess as to who you would want to receive your assets. The typical hierarchy is that all probate assets go to your surviving spouse; or if you do not have a surviving spouse, then all probate assets are split equally among your children; and so on following the branches of your family tree.
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How Long Does Probate Take And How Much Does It Cost?Probate proceedings typically take around 6-12 months if there are no snags whatsoever. Some probate cases linger for two or more years if beneficiaries are disputing or if the deceased left property in multiple states. In terms of cost, every probate proceeding is different. Probate costs include court filing fees, attorney fees, appraisal fees, professional fees such as tax preparation, Personal Representative compensation, document certification fees, recording fees, and more. Some states allow fees to be determined as a percentage of the probate assets, and other states provide that fees are determined pursuant to a statutory schedule.
FAQS
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Why Cost Matters
HOW MUCH DOES ESTATE PLANNING COST?
"You will be making informed, educated, empowered decisions for the people you love, not just shopping around based on price."
As you can imagine, we get the question “How much does an estate plan cost?” quite frequently.
We have designed and priced our estate planning options for you and your family at the intersection of affordability and effectiveness.
We start the planning process with your personal Legacy Planning Session, you will create a full inventory of your assets and ensure your family knows exactly what you have and where it is located.
Then when we meet in person we will review everything you own and discuss everyone you love, and you will understand exactly what would happen to everything you own and everyone you love in the event of your death or incapacity.
If you do not have a plan, we will cover the plan the state has for you. If you do have an existing plan, we will review your current plan with you. (We call this an Estate Plan Checkup and Review).
YOU CHOOSE YOUR PLANNING LEVEL
With all of that background in mind: Your Legacy Planning Session is a value of $750, or if you have an existing estate plan that you want your attorney to review as part of this process, then your Estate Plan Checkup and Review is a value of $950.
SCHEDULE AN APPOINTMENT
Choose from the appointment types below & see how we can help you achieve your goals!