Why Estate Planning Matters
Help Protect Your Assets and Loved Ones
Estate planning is essential for protecting your wealth and ensuring it’s distributed according to your wishes. James Investment guides you through the process to help avoid probate delays, reduce taxes, and maintain your privacy.
Estate Document Collaboration
Our team will help you create and manage essential documents, ensuring they reflect your wishes and comply with legal requirements.
Legacy Planning
We can help develop a strategy to leave a lasting impact through asset distribution and charitable contributions.
Gifting Strategies
Help reduce your taxable estate with effective gifting strategies that support your loved ones during your lifetime.
Family Estate Planning
Our advisors tailor a plan for your family’s unique needs, including provisions for minor children or family members with special needs.
Schedule A Meeting
Book a no-obligation consultation with our estate planning team to learn how we can help you.
Essential Estate Planning Documents
It’s crucial to have the right legal documents in place to ensure your wishes are honored and your assets are managed according to your preferences. Our team helps you to create and manage:
- Wills
- Durable Powers of Attorney
- Healthcare Powers of Attorney
- Living Wills
- Revocable Living Trusts
- Irrevocable Trusts
- Life Insurance Trusts
- Charitable Trusts
- Foundations
- Special Needs Trusts
FAQs
Top 5 Commonly Asked Questions
What is the difference between a will and a trust?
A will is a legal document that specifies how your assets should be distributed after your death and allows you to name guardians for minor children. A trust, on the other hand, is a fiduciary arrangement that allows a third party, or trustee, to hold and manage assets on behalf of beneficiaries. The main difference is that a trust can take effect during your lifetime and can help avoid probate, while a will only takes effect after death and typically must go through probate.
Do I need both a will and a trust?
It depends on your financial situation and goals. A will is generally necessary for everyone to ensure that your assets are distributed according to your wishes. A trust might be beneficial if you want to avoid probate, reduce estate taxes, or manage your assets in the event of incapacity. Many people use both—a will to handle assets not included in the trust and other specific matters, and a trust for assets that need ongoing management.
How does a trust avoid probate?
Probate is the legal process of administering a deceased person’s estate, which can be time-consuming and costly. When assets are placed in a trust, they are technically owned by the trust, not the individual. Upon the individual’s death, the trustee can transfer assets to beneficiaries according to the terms of the trust without going through probate. This process is typically quicker, more private, and often less expensive than probate.
What is a living trust, and how does it work?
A living trust is a type of trust created during your lifetime (hence the name “living”). It allows you to transfer assets into the trust, manage them during your life, and specify how they should be distributed upon your death. You can serve as the trustee of your own living trust, maintaining control over the assets, and you can amend or revoke the trust at any time. Upon your death, the successor trustee you appoint takes over, managing or distributing the assets according to your instructions.
How can estate planning help reduce taxes?
Estate planning can help reduce estate and gift taxes through various strategies, such as setting up trusts, making lifetime gifts, or taking advantage of tax exemptions. For instance, an irrevocable trust can remove assets from your taxable estate, reducing the overall estate value. Additionally, gifting assets to beneficiaries during your lifetime up to the annual exclusion amount can reduce the size of your estate and potentially lower the tax burden. Proper planning ensures that you take full advantage of tax laws to preserve more of your wealth for your heirs.
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