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Protect Your Loved Ones
Careful Estate Planning helps you to minimize taxes and reduce probate fees charged to process your estate, which are payable out of your estate when you die. Estate planning also helps ensure that your assets go to the people you choose and helps avoid unnecessary litigation and claims. If you have a business, our estate planning process helps you to plan an exit continuation, or succession strategy.
Timmons Estate Planning will help you develop your estate goals and provide direction on various strategies for your Financial and Estate Plan. We will also liaise with other practitioners, as necessary, to implement these strategies.
Throughout the estate planning process, we look at your monthly cash needs to determine if your family is properly protected in the event of disability or death. Life insurance, for example, may be used to create an estate for your future heirs, pay estate expenses, or replace income in the result of death.
If you do not have a will and something happens, then you will die intestate. The purpose of a will is to pass on assets that have not been distributed through a trust or by gift. Your will is also used to express any limits on the use of your assets. One of the most important parts of a will is to name the person (executor or executrix) or institution that will manage the financial affairs of your estate. As well, a will allows you to name a guardian for any underage children.
Someday, you may be unable to make your own medial or financial decisions. However, you can prearrange for someone to make these financial decisions by having a lawyer draft an enduring power of attorney.
Facilitated by your lawyer, a Living Will or Personal Healthcare Directive allows you to leave instructions for the type and degree of medical intervention you may want administered in the event of a serious illness or injury where you are unable to speak on your own behalf. Such a document can help provide direction for your family and doctor(s).
Your estate may encounter tax implications upon your death, which will reduce its value. Furthermore, if your will must go through probate to be settled, it will also be subject to probate fees and delays. We give you strategies that help to minimize taxes and administration fees.
Taking a look at your Estate and Financial Plan on a regular basis will help you understand where you have been, where you need to be now, and how to revise where you want to go. It's a good idea to review your estate planning documents, such as your will, every three years or when there has been a life change such as a marriage, divorce, birth or death. You may want to review your Financial Plan on an annual basis.
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