Rink & Robinson, PLLC offers services in both administration and planning in the preparation of Wills and Trusts. Our professionals handle all matters and details ranging from the preparation of estate and trust tax returns, financial statements and accounting services as they relate to serving as executors and trustees. The experienced professionals at Rink & Robinson, PLLC routinely work with these instruments and are ready to assist clients in all areas. If you have an estate or trust already in place and need guidance upon the death of a loved one, we can step in and assist you with the clerk of court, paper filings, estate tax returns, finalizing the paper work to make the transition less stressful during a difficult time in your life.
“Estate planning” is a more formal term for making financial and legal arrangements for your family and heirs upon your death. Estate planning may consist of a simple Will, or may involve more complex instruments such as revocable and irrevocable trusts. But how do you decide the best estate planning options for you and your loved ones?
Most people turn to one of two sources for estate planning advice: an attorney or a CPA (or sometimes both) who specialize in this type of consulting. Which you choose will depend to a large degree upon the type of advice you seek and your ultimate estate planning goals.
While estate planning attorneys must be familiar with the basics of the tax implications of each estate planning option, more complex estates may require more sophisticated planning by a professional who deals primarily with the tax laws. A CPA must know the intricacies of tax laws to advise clients, while estate planning attorneys may have only a broad overview of these concepts. Estate and gift tax laws change frequently and a CPA stays on top of these changes and designs your plan accordingly to get the maximum tax savings for your estate. Otherwise, your heirs could lose a good portion of your estate.
Creating a “team” for your estate plan is a smart strategy, as each member of the team can provide “checks and balances” for the other members of the team. However you should invest some time and research in choosing these advisors as they will be intimately involved with you, your family and your assets both during and after your lifetime.
Every estate planning situation is different. In order to help you, we want to know you, your unique situation, and the nature of your relationships. Rink & Robinson, PLLC will give you recommendations and provide you with useful research tools to make your planning simple, efficient, and worry-free. We are available throughout the process for further discussion regarding questions, change of circumstances, and alternatives. At every step, we’ll be there with you.
Estate Planning Goals
Rink & Robinson, PLLC clearly defines your estate planning goals. We organize and create your estate planning team (experts on law, finance, and taxes) if you need one. We evaluate and recommend estate planning options. Our staff assists in the preparation, organization and complete review of your estate planning documents; including current wills, trusts, a health care power of attorney and/or a financial power of attorney. We can decrease the problems and expenses associated with probate. In the event you are incapacitated, we make arrangements for the management of your estate. Drafting a working plan for conserving and effectively managing your estate prior to your passing is essential. Most importantly, we assist in the transfer of assets in your estate to heirs the way you want. Something to not forget is how to organize fair and adequate liquidation of an estate to cover taxes and other unforeseen expenses.
Rink & Robinson, PLLC also amends your plan as needed with our knowledge of…
- Living Wills and Trusts
- Lifetime Family Wealth Transfers
- Family partnerships and other business relationships
- Leaving money to charities
- Preparation for estate and trust tax problems
Creating A Trust
Trusts are used to achieve longer-term goals. For example, trusts can be created to provide for a child’s education, the long-term care of an elderly parent, or delay the payment of funds to young children until they reach a responsible age. Coping with prolonged incapacity is also a major concern. Today, with rapid advances in medical technology and health systems, people are living longer. Good news indeed, but there is also a negative side to it, as in the case of living with a prolonged illness or other incapacitating condition. One of the first benefits of a Living Trust is that it avoids probate. A living trust often means a faster distribution of assets to your heirs—from months or years with a will down to weeks with a living trust. Your successor/ trustee will pay your debts and distribute your assets according to your instructions. To protect an estate from such contingencies, one should consider the use of a power of attorney, a medical power of attorney, living will, and Medicaid trusts.
Creating a Will
A Will is the legal instrument that permits a person, the testator, to make decisions on how his estate will be managed and distributed after his or her death. Estate planning begins with making decisions about the following questions: Who will inherit your assets and when should the heirs receive the assets? What limitations will be placed on the recipients? A Will also stipulates who is to be your minor children’s guardian(s) for their property and/or person. Although creating a Will makes your decisions legally binding, the Will can be amended any time you change your mind.
Call the consulting professionals at Rink & Robinson, PLLC
to arrange a meeting to answer your questions and begin the planning processes.