Estate Planning, Wills & Trusts
Our estate planning team, led by Doyle Sanders, has been involved in estate planning since 1972. For several years Doyle's practice has been primarily in wills, trusts, estate planning and probate law.
Estate Planning Motivation and Goals
For years, even decades, estate planning was driven by the estate tax and inheritance tax laws. If your net worth exceeded a certain amount, then you were in need of estate planning services for tax reasons alone. Regardless of what the estate tax is, our attitude at Beving, Swanson & Forrest is to be deliberate in reminding people that you should pay more attention to estate planning than ever before. Even if there are no tax reasons, decisions about what happens to what you have spent a lifetime accumulating is important to us and to the objects of your bounty and should be important to you. After all, if your net worth is only $1,750,000 or one million dollars or $500,000, that’s still a lot of money.
As we assist estate planning clients, two of our goals are to fully coordinate the clients’ estate plans with their personal and business goals, retirement plans, and beneficiary designations and to help avoid people having unpleasant surprises following the death of a loved one. To that end, we are strong advocates for helping people prepare beneficiary designation forms on their retirement plans, annuities, and life insurance so that the passage of these assets after death is consistent with the direction of the client’s will. Anyone can fill out the forms. But how do the answers to the questions fit with the rest of your plan and what does the fine print mean? Doyle Sanders has written a pamphlet for the Iowa State Bar Association addressing these issues entitled "When Is A Good Will Not Good Enough?" Feel free to download the pamphlet and see how it applies to you.
Sometimes a will is not just about the money. Who will be the guardian of your minor or disabled child? How will the assets be used for them? What happens when people unexpectedly die in "the wrong order?" How will your elderly parents be provided for if you pass with money that could go to them? Do you want your children to get your entire estate at age 18? If not, when should they receive it?
Click here for more information on "Why A Will."
And, what will happen if you become suddenly and unexpectedly disabled, but do not die? How will your financial and healthcare decisions be made and carried out? If you have not made your intentions known before it happens, you may not have the ability afterwards.
To obtain a questionnaire that will get you started on updating your estate plan, click here.
Powers of Attorney and Advanced Directives
The standby power of attorney is one of the planning tools that we use to avoid the expensive process of guardianships and conservatorships. "Standby" means that is becomes effective upon the happening of certain predetermined situations or events such as disability. With the power of attorney, the person named can conduct the day-to-day business of a disabled person. Because a power of attorney is such a powerful tool it is important to have the assistance of a qualified attorney to determine exactly how it should be structured and what kind of limitation should be placed on it. Other available tools include a power of attorney for healthcare and a living will. These assist healthcare providers and family by making possible the discussion of health care procedures on your behalf if you cannot make the decision yourself.
The standby power of attorney is one of the planning tools that we use to avoid the expensive process of guardianships and conservatorships. "Standby" means that is becomes effective upon the happening of certain predetermined situations or events such as disability. With the power of attorney, the person named can conduct the day-to-day business of a disabled person. Because a power of attorney is such a powerful tool it is important to have the assistance of a qualified attorney to determine exactly how it should be structured and what kind of limitation should be placed on it. Other available tools include a power of attorney for healthcare and a living will. These assist healthcare providers and family by making possible the discussion of health care procedures on your behalf if you cannot make the decision yourself.
Trusts
Another tool we often use is the trust. There are many uses for trusts including passing assets at death, managing assets in spite of an end of life disability and the reduction of the estate and inheritance tax. A simple example of the use of a trust is to hold the ownership of a vacation property or a timeshare that is located in another state so that at death, an estate does not need to be opened in that state.
Another tool we often use is the trust. There are many uses for trusts including passing assets at death, managing assets in spite of an end of life disability and the reduction of the estate and inheritance tax. A simple example of the use of a trust is to hold the ownership of a vacation property or a timeshare that is located in another state so that at death, an estate does not need to be opened in that state. Trusts are also used in the following situations:
- Elderly clients that are planning the transition of control of their assets;
- Families with special needs members who cannot control or manage assets that might be left to them in a will;
- Wealthy clients that require special estate and financial planning strategies;
- Planning for asset management for minor children; and
- Families with "mixed marriages" that want all family members to be represented in the end of life transfer of wealth.
Trusts can be very simple or they can be sophisticated depending on their purpose. It is important to work with an attorney that has experience with the use of trusts in estate and financial planning. Download our pamphlet "Pros and Cons of Living Trusts."
Summary
Estate planning includes:
- Making lifetime (inter vivos) gifts
- Making charitable gifts
- Income tax planning
- Transferring assets at death
- Transferring closely held businesses to other family members
- Preparing Wills and Revocable or Irrevocable Trusts
- Planning for Federal Estate and Gift Taxes, Generation Skipping tax, and Iowa Inheritance tax
- Interstate probate of estates
Please contact us to learn more about our estate planning services and how they might benefit you and your family.
Regardless of whether you employ our services, please seek assistance from someone who has special expertise in the area of estate planning, so that you have done your part to avoid those unexpected surprises for your loved ones.
