ESTATE PLANNING

There are few things as difficult to contemplate as our own mortality. Nevertheless, one of the most important gifts you can give your loved ones is a carefully considered estate plan. This document represents your final opportunity to leave a legacy behind—one that represents who you are, who you love, and what causes or organizations you care about.

As estate planning experts, we can tell you that estate planning does not just involve deciding who receives your assets and possessions after you pass. In fact, many decisions you will make are in regards to situations that may occur before your death. During the course of developing an estate plan, you’ll be asked to consider:

• What happens if you become disabled before you die? Who should make decisions for you in the event you are unable to do so?
• What type of long-term care or disability insurance do you have to protect your estate and provide for your needs in the event you require care and can no longer work?
• Are there any valuables or possessions that should go to a specific person or cause?
• Do you need to provide for individuals who are unable to manage their own finances?
• How will you divide your assets among your children, grandchildren, and other loved ones?
• What degree of control, if any, do you wish to exert over how the assets you bequeath are used after your death?
• Do you have a business, and if so, who will assume ownership upon your retirement or death?
• Who will you name as executor of your estate?

Due to the complexities of planning and the significant financial and tax implications that may be involved, estate planning experts are often tapped to provide legal expertise in this area. At Phelan, Frantz, Ohlig & Wegbreit, we will help you explore how your estate planning decisions might impact your loved ones financially and emotionally. We will also help you understand how different types of estate plans may affect your financial situation and tax liability. Because lives and families change, we encourage you to revisit your estate plan often and ensure it still reflects your final wishes.

This is incredibly difficult and complex terrain. As estate planning experts, we provide the level of personalized care, concern, and attention to detail that befits the task at hand. Rather than use a packet of estate planning handouts, we spend a great deal of time sitting with our clients, getting to know who they really are so that we can create a customized estate plan that reflects their unique legacies. We don’t start with a boilerplate plan and we don’t create documents that aren’t relevant or useful. Instead, we build a custom plan from scratch—one that considers who you are as an individual, and focuses on ensuring your estate plan is thoughtful, prudent, and sound.