Without a well-written plan you lose the power to care for loved ones and choose who will care for you, your assets remain unprotected, your wishes undefined and your estate subject to a difficult settlement at death.
We guide you in accomplishing your family’s goals and protecting your life’s savings while minimizing taxes and expenses. We employ multiple common-sense strategies, trusts and plain English documents. Your beneficiaries will be protected by our Inheritance Trust™ approach.
Trusts are infinitely varied, serving many legal, personal, investment, and tax planning purposes. At the most basic level, a trust is an agreement between the trust maker and the trust manager to benefit the beneficiary. Oftentimes, all three parties are represented by one person or a married couple. In the case of a revocable living trust, for example, a person may create a trust and name themselves the current trustee to manage the trust assets for their own benefit.
Depending on the situation, there may be several advantages to establishing a trust, including managing assets during disability or old age and avoiding probate court to settle your estate. Certain trusts also may result in tax advantages both for the trust-maker and the beneficiary. Trusts may also be used to protect property from creditors, the nursing home, division of assets in a divorce and even irresponsible beneficiaries.
A power of attorney is a legal document giving another person the legal right to do certain things for you. A power of attorney may be very broad or strictly limited. All powers of attorney terminate upon the death of the maker and will also terminate if the maker becomes incapacitated if not properly drawn up.
There are three distinct aspects to federal estate taxation: Estate Taxes, Gift Taxes, and Generation-Skipping Transfer Taxes. Legal planning to avoid or minimize federal estate taxes is both a prudent and important aspect of comprehensive estate planning. These taxes apply to transfers in excess of $5m, under current law, indexed for inflation.
Ongoing and Affordable Support. Estate plans are not intended to be a one-and-done project. They are living documents that should reflect your current situation, needs, and goals. That can only be achieved via regular reviews, and Borchers Law makes it easy to accomplish that via several customized services: Update Checklists Trust Support™ PlanCheck™ ILIT Service […]
The PlanCheck program allows access to us at any time using the on-call privilege for answers to estate plan and other legal questions, for referrals to other professionals, and questions from your advisors or family members who are assisting you. PlanCheck also includes an update every third year, by telephone or in person. In addition, […]
Attorneys who practice any level of estate planning are, at this very moment, standing on hallowed ground. Understanding lifetime gift limitations is an ongoing process due to new legislation.
It’s easy to stay organized. Your family will appreciate it. Since 2005 the Borchers Law Asset Trust Organizer™ (ATO) has helped clients identify and develop the most advantageous method of funding their estate planning and trust needs. The ATO offers a wide range of advantages, including: Complete funding instructions The ATO lists all assets, states […]
Suppose your daughter inherits from you through an Inheritance Trust, and she wishes to pay off her mortgage with the trust funds. As her own trustee, she’d have the authority to do that without even having to weigh the idea against the the terms of the trust.
While it’s nearly impossible to plan for every one of life's contingencies, it is possible to create an effective and comprehensive estate plan. While good estate planning anticipates your death and disability, great estate planning reflects your chosen legacy.