Are You Prepared?
The estate planning attorneys at ES Law are highly experienced in preparing customized estate plans, advising during probate and trust administrations, and preparing you and your family for the unexpected.
The resources of a knowledgeable attorney are vital when it comes to estate planning for you and your family. Careful planning can maximize wealth transfer, minimize tax, provide creditor protection, offer continuity for your business, and result in financial security for your family.
Wills, Trusts and Powers of Attorney
A well drafted estate plan is no longer an option, it is a necessity. Whether your goal is to maximize wealth transfer, provide for future generations, avoid probate proceedings, minimize tax, plan for the unexpected, or a combination thereof, ES Law’s attorneys are highly experienced in developing customized estate plans that align with each individual client’s needs.
Probate & Trust Administration
Probate proceedings and trust administrations do not have to be a hopeless maze. ES Law’s attorneys are skilled in navigating the myriad of issues which can arise during a probate proceeding or trust administration. ES Law’s attorneys pride themselves in handling these matters in the most cost effective and efficient manner, all while minimizing conflict and protecting fiduciaries.
Guardianship & Conservatorship
When a family member or friend no longer has the ability to care for himself or herself, the estate planning attorneys at ES Law can assist you in the appointment of a guardian and/or conservator to care for that person’s needs. Appointment proceedings can be complex so a knowledgeable attorney is critical to the efficient appointment of a guardian and/or conservator.
Special Needs Planning
Planning for the future of a loved one with special needs requires the assistance of a caring and competent attorney familiar with the unique challenges of this area of the law. The attorneys of ES Law help families devise and implement estate plans which provide for their family member with special needs and which protect and preserve the family member’s ability to receive government benefits such as Medicaid or Supplemental Security Income.
Charitable Giving
Many clients of ES Law desire to make a positive impact in their communities through charitable giving. The tools and options available to these clients are numerous and often complex. The attorneys of ES Law are very knowledgeable in this area and routinely assist their clients in implementing intricate giving techniques which maximize the charitable impact of gifts and which minimize taxes for the client.
Estate, Probate and Trust Law
ES Law provides its business and individual clients with comprehensive estate planning services, including wills, trusts, non-probate transfers, intestate succession and other descendancy issues, both in the business and personal context. ES Law’s attorneys are highly experienced in all phases of charitable and nonprofit planning, tax planning, farm planning and business planning, among others. ES Law’s estate planning attorneys also handle all varieties of estate and trust administration, including formal and informal probate matters, will contests and other administrative issues. ES Law’s attorneys focus on making the sometimes stressful times for their clients as easy and efficient as possible, by ensuring that clients are well-prepared to meet all eventualities, both in the business and personal setting, providing reliable peace of mind and security.
Estate Planning FAQs
Wills are a written document designed to dispose of its creator’s property at death. A Will must appoint a Personal Representative (also known as an Executor) who will execute the instructions in the Will and distribute the decedent’s property to the persons designated to receive it. A Will can be very simple. But often, wills accomplish more complex goals such as the creation of trusts to hold property for an extended period of time. Wills may also address the appointment of a guardian for minor children. It is important to note that a Will is only effective upon its admission to probate by a proper court. Further, state law varies, but Wills must comply with strict formalities in order to be valid.
A trust is an agreement between the creator of the trust (sometimes called a settlor or grantor), a trustee (a person or entity which accepts the job of managing the trust property in accordance with the trust) and one or more beneficiaries (those individuals or charities which will receive the trust’s benefits). There are many different types of trusts, but revocable trusts are a mainstay of estate planning. Clients mainly use revocable trusts as Will substitutes to avoid probate proceedings at their death, thus making their estates easier, faster, and cheaper to administer.
A conservatorship is when the court appoints a conservator to make financial decisions for the protected person. The conservator typically is given the power to enter into contracts, pay bills, invest assets, and perform other financial functions for the protected person.
A guardianship is a legal arrangement in which the court appoints a guardian to make personal decisions for a protected person. The guardian may be given authority to make decisions on behalf of the protected person about such things as where to live, medical decisions, and managing the personal, legal, medical, and day to day care issues for a person. The key distinction between a guardian and conservator is that a guardian is primarily tasked with making personal, care type decisions for a protected person. A conservator makes financial decisions. A guardianship may be necessary for situations involving a mentally incapacitated adult, an adult with special needs, or an elderly adult with declining health. Guardianships for minors are established when neither of the child’s parents is able to care for the child. Under Nebraska law, anyone under the age of 19 is considered a minor.
As part of its estate planning practice, Erickson Sederstrom prepares comprehensive durable financial powers of attorney, along with health care directives, for its estate planning clients. These documents allow adults to name a decision maker for them. A power of attorney can be a crucial tool for avoiding guardianships and conservatorships. By establishing a power of attorney, an individual can appoint someone to manage their affairs if they become incapacitated, effectively preventing the need for a court-appointed guardian. This proactive approach avoids the necessity of opening a legal proceeding to appoint a guardian or conservator. It is important for all adults to review their own estate plan, and make sure they have a power of attorney in place.
However, in some cases, a person may not have the legal capacity to execute a power of attorney or may have encountered a medical emergency that requires court intervention. Guardianships and conservatorships often come into play when an adult loses their cognitive capacity, has a disability that prevents them from caring for themselves, or has been in an accident. If you are caring for a loved one who is having issues with managing their own care, it may be time to consult an attorney regarding the establishment of a guardianship or conservatorship.
Every person has an estate, big or small, rich or poor. Whether a person has great wealth or just a few tangible possessions, that property must be disposed of at death to loved ones, friends, or charities. The goal of estate planning is to create an orderly plan which avoids unnecessary hassles, delays, and costs and efficiently transfers that property to those chosen to benefit.
