The Wight Law Office

Estate Planning, Trusts, and Wills.

Preserving Your Wealth For Future Generations

Whether you’re planning the parameters of your future medical care or establishing support for loved ones upon your death, attorney Wight at The Wight Law Office can help with all aspects of estate planning, Trusts and Wills, including:

• Living trusts 
• Last Will and Testament 
• Marital trusts
• Revocable living trusts
• Irrevocable life insurance trusts
• Spendthrift trusts
• Special Needs Trusts 
• Trusts for Minors
• Marital Trusts
• Guardianships 
• Advance Health Care Directive 
• Durable Power of Attorney 
• Estate tax planning 
• Naming executors and trustees
• Securing your legacy

Probate

After losing a loved one, dealing with the complicated probate process can compound the burden of your loss. The knowledgeable, diligent attorneys at The Wight Law Office we take charge of the probate process and ease the weight of your loss. 

When a loved one passes away, his or her estate often goes through a court-managed process called probate or estate administration where the assets of the deceased are managed and distributed.  If the assets of the deceased were owned through a well drafted and properly funded living trust, it is likely that no court-managed administration is necessary, though the successor trustee needs to administer the distribution of the deceased's assets.  The length of time needed to complete the probate of an estate depends on the size and complexity of the estate and the local rules and schedule of the probate court.

The probate process for each estate is unique, but usually involves the following steps: 

• Filing of a petition with the proper probate court. 
• Notice to heirs under the will or to statutory heirs (if no will exists). 
• Petition to appoint Executor (in the case of a will) or Administrator for the estate. 
• Inventory and appraisal of estate assets by Executor/Administrator. 
• Payment of estate debt to rightful creditors. 
• Sale of estate assets. 
• Payment of estate taxes, if applicable. 
• Final distribution of assets to heirs.

Planning For Children

Trusts for Minors 

Many parents put off estate planning because they do not think they have substantial assets to protect. This outlook is common among young adults who think they have plenty of time to accumulate wealth and plan for it at a later date. However, in failing to create a proper estate plan, many parents cannot adequately protect their children. All parents, with or without significant assets, should have an estate plan in place to set forth their wishes for their children which includes, among other things, the nomination of a guardian in the event that they have an untimely passing while the child is still a minor. 

Trusts are important in that they ensure you still retain control over your wealth after your death in effect giving you greater control of your children’s futures. Trusts allow you to set aside funds for a surviving spouse ensuring that your children will be provided for, even if your partner is not wise with money or remarries after your passing. Furthermore, a trust allows you to outline how the trustee is to budget funds for each child. If you have one child who has a special need or requires additional training to develop a talent, your trust may outline these appropriations. This is particularly important if you have a child with a physical or mental disability who may require significant care beyond his or her eighteenth birthday. 

Estate Tax Planning

Without careful planning, much of your life’s legacy could be lost to estate taxes. While a simple will can provide for the transfer your estate to your loved ones, it does not have special provisions for advanced estate tax planning. 

The Federal Estate tax: Exemptions & Rate 

Federal estate tax laws were updated in 2013 as part of the American Taxpayer Relief Act which provides for an exemption of $11.4 million.  This means that each individual can transfer up to $11.4 million in assets free of federal estate taxes.   The federal estate tax exemption, also referred to as applicable exclusion amount is adjusted annually for inflation. The taxable value of the estate is calculated by adding up all the assets owned by the individual and subtracting from that total any of his or her liabilities.  Additional deductions can be taken for qualified charitable deductions as well as administrative and legal costs involved in settling the deceased’s estate. The tax rate for estates exceeding the exemption amount is 40%.  The rate is applied to the taxable estate value that is in excess of the exemption amount. 

Special Planning for High Net Worth Individuals

Individuals and families with significant net worth might still have taxable estates even if they take full advantage of their respective exemptions.  For these individuals, there are a variety of advanced planning techniques that can be crafted to help reduce the estate tax burden, such as strategic gifting plans, life insurance trusts, personal residence trusts and grantor retained annuity trusts.