Estate Planning

Secure Your Legacy with Cole Tait’s Estate Planning Expertise

Estate Planning is better described as Life Planning, for you and for those closest to you. Every major event in your life, whether it is a birth, death, marriage, divorce, retirement, inheritance or job advancement is a reason to create or review an estate plan.  So, what is Estate Planning?

Estate planning is the process of arranging for the management and distribution of your assets after your death, as well as planning for any potential incapacity during your lifetime.   In addition, a thoughtful estate plan can help you avoid unnecessary taxes, minimize family disputes, and ensure that your loved ones are cared for according to your wishes.  The most common elements of a good estate plan are:

  • Wills : A will is a legal document that dictates how your property and assets will be distributed upon your death. It also allows you to appoint a Personal Representative to manage and distribute your estate and can designate guardians for minor children who are not old enough to inherit directly.
  • Trusts: Once employed by only the wealthy, trusts now are the most common and most useful estate planning tool because they protect you if you become incapacitated during your lifetime, and serve as a “will” after you die without the expense of probate. Trusts can take several forms, including special needs trusts, which  ensure that loved ones with disabilities are cared for without jeopardizing their eligibility for government benefits.
  • Durable Power of Attorney: A power of attorney  allows you to appoint someone to handle your financial and legal affairs during your lifetime if that becomes necessary or convenient for you. We also prepare healthcare powers of attorney which allow a trusted individual to make medical decisions on your behalf if you’re unable to do so.
  • Health Care Directives & Living Wills: These documents provide instructions for your medical care, should you become terminally ill or incapacitated. A living will can specify your wishes regarding life-sustaining treatments and end-of-life care so that your loved ones will not have to.
  • Payable Upon Death Beneficiary Designation: Some of your accounts, such as life insurance, retirement plans, and bank and investment accounts allow you to designate who is to receive these assets upon your death without probate of a Will or administration of a Trust. We structure your estate plan to incorporate these when appropriate.
  • Estate & Tax Planning: We work with your tax advisors to help you plan for the potential tax consequences of transferring your wealth, including strategies to minimize estate taxes, capital gains taxes, and gift taxes. This can preserve your wealth for future generations.

Local Attorneys Helping Local Families

Cole Tait specializes in representing the families in the community where we live.  Our clients look to us to serve many of their legal needs, and we pride ourselves on our personalized approach to estate planning.  We will work with you to create a customized plan that addresses all aspects of your estate, from asset protection to long-term care.  Typically, our estate planning work follows a simple, informal and economical process:

  • Initial Consultation: We meet with you first to explain your choices for estate planning to determine which plan is best for you.  Based upon your financial situation, family dynamics, and personal goals, we will propose a customized estate plan that addresses your specific needs.
  • Document Drafting: Once you’ve approved the plan, we will draft all necessary legal documents, including your will, trust, powers of attorney, and healthcare directives.
  • Ongoing Support: Estate planning is an ongoing process. We offer regular reviews and updates to ensure your plan evolves with your life changes, including marriage, divorce, births, and changes in assets.  And we serve those who you appoint to oversee administration of your estate, such as your Personal Representative and Successor Trustee.

Plan for the Future with a Trusted Estate Planning Attorney

Take the first step in protecting your legacy—call us today at (503) 650-1731 to schedule your consultation. Let us help you plan for the future with confidence and peace of mind.