ESTATE PLANNING

There are many potential situations that could necessitate the use of a trust. Bauer Law will analyze whether it is appropriate to use a trust as a part of an overall estate plan.  A trust holds assets for certain beneficiaries and/or certain purposes for a selected amount of time. The trust is managed by a Trustee.

There are many reasons to create a trust unique to each client.  One common example is the creation of a trust for minor children. Minors cannot inherit money.  To avoid the funds ending up with an unintended beneficiary and/or court involvement for a guardianship or conservatorship, we utilize a trust to provide funds for the children until they reach a specified age.

Another common example is a legacy trust where we can provide assert protection for beneficiaries. The funds can be sheltered in the trust, safe from creditors, predators, bankruptcy, divorce, etc.  This is a great tool to ensure that only the beneficiaries obtain the benefit of the inheritance, not someone else.

It is also important to analyze whether it is appropriate to draft a Special Needs Trust for a beneficiary who receives disability benefits.  We want to ensure that the beneficiary does not get disqualified from their governmental benefits due to an inheritance.

A Will establishes where assets are distributed after death. A Will also nominates who should wind up affairs, the personal representative (executor).  If there are minor children, a will can also a guardian to care for minor children. We will clearly articulate how your assets will be devised and how your taxes, if any, should be paid.  We have extensive years of experience drafting custom Wills. Regardless of the size of your family and assets, you need a Will. However, you should take caution to ensure it is drafted by a competent attorney or else it may cause more damage than good for your loved ones.

A Separate Memorandum specifies persons to receive personal tangible items after death, such as a watch, grandfather clock or baseball card collection.  These types of assets are usually listed here, rather than in your Will or Trust, as this is easier to modify.

A General Durable Power of Attorney nominates an individual to handle financial affairs. This is helpful for when someone becomes incapacitated.

A Health Care / Medical Durable Power of Attorney nominates an individual to handle medical and residential placement affairs for when someone becomes incapacitated. 

An Advanced Directive specifies a person’s desires regarding life support and artificial nourishment. The Advance Directive differs from the 5 Wishes in that is drafted specific to the state’s statutory requirements. This also differs from a Do Not Resuscitate, which must be executed with an attending physician and applies only to certain circumstances.

The Disposition of Last Remains provides a worksheet for specifying desires for a final resting place and type of celebration of life.

Business owners ensure their ownership interest flow with their estate plan.

Marital Agreements are unique to each situation and can be very simple addressing just one or two necessary protections or more complex protecting generational family legacies.