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RI Elder Law Attorney
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Estate Planning

Estate plans consist of vital documents that are created to protect individuals, their loved ones, and their assets. It is also important to gather all significant papers that are not included in the creation of an estate plan, such as property titles and bank account information. This way, the papers can be easily located if they ever need to be reviewed, and your family won't have to search for them after you pass away.

 

Creating an estate plan may also help you and your beneficiaries avoid or minimize estate taxes on certain assets.

 

If you wish to create an estate plan, please contact the Elder Law Attorney from our firm!

The following documents and procedures can all be a part of estate planning:

Elder Law Attorney for Rhode Island, Eastern Connecticut and Southeastern Massachusetts

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Call Connelly Law Today

Rhode Island Elder Law Attorney

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This website includes general information about legal issues, issues affecting seniors and developments in the law. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and must not be taken, as legal advice on any particular set of facts or circumstances. You need to contact a lawyer licensed in your jurisdiction for advice on specific legal issues and/or problems.

Rhode Island, Southeastern Massachusetts and Eastern Connecticut Elder Law Attorney

Assisting You With An Estate Plan

 

After learning your goals and expectations, your attorney may suggest different methods that may be used to accomplish said objectives. These might include a willtrusts, life insurance, advance health care directives, power of attorney, and a host of other documents, plans, and ideas specifically tailored to you. Those who wish to save their property from estate tax have many options with which to work. A living (or revocable) trust allows married couples to split ownership of assets, so they can take advantage of the applicable gift and estate tax credits. Despite claims made by seminars speakers and information on the internet, living trusts alone do not save you money. They only provide a vehicle which, if properly managed, could save taxes.

 

Estate planning is crucial for those who have a special needs child, a spendthrift child, or children from a previous marriage, as it can provide oversight for sensitive family issues after you are gone. A qualified appraisal can save you hundreds of thousands of dollars in estate taxes because of property documented valuation discounts. This discourages the IRS from even disputing the discount in the first place, so it may be beneficial for a person to spend the extra money for an appraiser who is an expert in valuation discounts.

When You Need to Review Your Estate Plan 


Estate planning is an ongoing process. It's important to review your estate plan every two to three years or whenever there is a major change in your life such as a birth, death, marriage or divorce in the family since all of these factors may warrant the need for a change in your estate plan.

CONTACT THE CONNELLY LAW OFFICES, LTD. TODAY!

It may be beneficial for you to create an estate plan as soon as possible. Estate plans can always be amended, and our firm changes clients' estate plans when they experience any sort of major life event. We have extensive knowledge about the different types of trusts, and may advise clients as to which type of trust is best for them, their families, and their assets. Please contact a Rhode Island estate planning attorney from our firm to learn more about how we can help maximize your estate and plan for your future!