Estate Planning + Asset Protection

Members of our Estate Planning and Business Succession team presented multiple times in the month of April, introducing both clients and fellow Kegler Brown staff to the basics of Estate Planning + Asset Protection. Their entertaining presentation covered several concerns related to estate planning, utilized celebrities as examples, and provided guidance on a number of subjects.

They emphasized the importance of setting goals and explained how estate plans help reach and reinforce those goals. These goals may include lifetime and retirement income, providing for disability and healthcare, providing for education of children and grandchildren, planning for charitable giving, and minimizing the risk of family conflict. In addition, they explained estate planning’s additional goal of minimizing probate, administrative and legal costs, and detailed how using revocable trusts helps to avoid probate.

The team discussed the history of estate taxes, and the impact of the American Taxpayer Relief Act and the Tax Cut + Jobs Act of 2017 and looked ahead at changes that both are and may be coming. They emphasized being mindful of estate or gift tax issues when you, for example, buy life insurance, purchase investment property, make or receive gifts, or access assets placed in trust for you.

A significant portion of the presentation focused on individual foundational documents, explaining the purpose, importance and benefits of having in place a financial power of attorney, healthcare power of attorney, living will, and Last Will + Testament.

Then, the team detailed how trusts can be used to address all kinds of concerns and needs, and reinforced the message that with proper planning, a trust can achieve your long-term goals and ensure the right people receive the right property in the right amount and at the right time.