Estate Planning
Our firm’s experiences mean we can quickly understand your unique situation and create a set of estate planning documents drafted specifically to meet your needs.
If needed, we can also represent you and your interests in various estate matters.
Nisha Noroian has an agricultural business background and is intimately involved in both family and business farming issues. Karen Poulton has 29 years of legal experience in various areas including an Estate Section of a medium-sized law firm doing estate planning, litigation and administration. Mike Poulton has a business and science background and Kristin Penunuri has considerable experience in pretrial litigations.
We charge a flat fee for the basic components of an estate plan. If after an initial free consultation, we determine that your situation involves complex issues and additional documents for more advanced planning are indicated, we will provide a free consultation to discuss the issues and a free quote for the advanced planning services.
TYPES OF ESTATE PLANNING WE HELP WITH
WILLS
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Wills
Without a Will your affairs will be wrapped up and property and belongings will be distributed by the Probate Court Judge. You can control many aspects of how your estate is wrapped up and property is distributed by creating a Will. There are several general types of Wills. What type is best for you will depend upon your goals. Learn more about Wills here
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Living Will
Who will make end-of-life decisions for you? Most of us have told our closest loved one something about what we want or do not want when we are facing the end of life. A Living Will can make the difficult decisions a loved one must make somewhat easier and can provide your health care providers with the information they need to advise your family. The Living Will communicates to everyone involved how you want to be treated in this situation.
ASSETS
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Asset Protection
Your vision for the future depends on protection of your assets from losses. Lawsuits, bankruptcy, aggressive creditors, tax liens, and other unforeseen financial difficulties can threaten your farming operation. Asset protection strategies can help you navigate these rough waters and prevent or at least minimize catastrophic results. Asset Protection strategies include the following: Irrevocable Trusts, Life Insurance Trusts and Business planning and organization.
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Trusts
Do you need a Trust? There are three categories of trusts that can be used when planning your estate: 1) a Testamentary Trust which is made in a Will; 2) a Revocable or Living Trust, that is made during your lifetime and can be revoked; and 3) Irrevocable Trusts which are made during your lifetime and cannot be revoked. Learn more about Trusts here
ESTATE TAXES
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Estate Tax Planning
Are you “land rich and tax poor?” Estate taxes can force the sale of your farm assets and cripple your vision of your farm for your future generation. Solid advance planning can help foreclose such dire consequences.
Your legacy depends on minimizing the impact of estate taxes land probate fees levied on your estate which can include: Revocable trusts, Irrevocable Trusts, Life Insurance Trusts, Gifting, and Business planning and organization. -
Estate Taxes Help
If you are concerned about how your estate will be taxed and whether there are ways to minimize the amount of tax your estate may have to pay, we can look at your assets with you, answer your questions, and prepare documents to meet your needs.
POWER OF ATTORNEY
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Power of Attorney for Health Care Decisions
Caring for a family member who cannot make medical decisions can raise many questions and concerns among caring family members. By naming a person or person who you trust with decisions about your health care, should you become unable to make those decisions, your health care providers will be able to proceed with confidence that the person or persons they are relying on have the legal power and authority to make the decisions they are making, and you and your family knows the person or persons acting in your place were chosen by you to make the decisions.
The amount and nature of the power and authority you grant to the person or persons you name depends upon your vision for your future and your goals. A Power of Attorney for Health Care Decisions can address decision making regarding selection of which course of medical treatment should be provided, where it should be provided, and decisions regarding rehabilitation and long term care.
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Finanical Power of Attorney
What happens if you suddenly become unable to manage your financial affairs?
Estate planning includes making solid plans now for how your personal and business life will continue to operate in case you suddenly become unable to manage these affairs, whether it be temporarily or permanently. A Financial Power of Attorney can give a person, or persons, you name the power and authority to step into your shoes and make necessary financial decisions to ensure your household and assets are managed and your farm can continue stay the course.
You can grant as much or as little power and authority as you deem sufficient and desirable to accomplish your goals. Additionally, you can change the provisions, change the persons you grant the power and authority to, and you can revoke the document at any time.
If you would like more information about what we can do for your farm, contact us for a free initial consultation.
ESTATE PLANNING RATES
No plan is a plan. Delaying is a plan. Those plans leave all the decisions about your assets and farm in the hands of the probate judge. To realize your legacy will be secure requires advanced planning. Estate planning depends on your specific circumstances and goals for the future. No one plan will fit every person’s needs.
We charge a flat fee for the basic components of an estate plan. If after an initial free consultation, we determine that your situation involves complex issues and additional documents for more advanced planning are indicated, we will provide a free consultation to discuss the issues and a free quote for the advanced planning services.
Basic Estate Plan
Includes:
- Simple Last Will & Testament
- General Financial Power of Attorney
- Power of Attorney for Healthcare Decisions
- Living Will
Cost
$775 Individual or $975 Couple
Basic + Testamentary Trust
Includes:
- Simple Last Will & Testament with a Testamentary Trust
- General Financial Power of Attorney
- Power of Attorney for Healthcare Decisions
- Living Will
Cost:
$1,195 Individual or $1,485 Couple
Basic + Revocable Living Trust
Includes:
- Simple Revocable Living Trust
- Pour Over Last Will & Testament
- General Financial Power of Attorney
- Power of Attorney for Healthcare Decisions
- Living Will
Cost
$2,385 Individual or $2,685 Couple
Advanced Estate Plan with Revocable Living Trust
Includes:
- Revocable Living Trust with complex provisions
- Wealth protection provisions
- Pour Over Last Will & Testament
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- General Financial Power of Attorney
- Power of Attorney for Healthcare Decisions
- Living Will
Cost
$3,385 Individual or $3,885 Couple
Complex Estate Planning
Complex Estate Planning involving additional time and documents is charged at $325 per hour.