“While I am alive, I want to control my property. If I become disabled, I want to take care of me and my loved ones. I want to give what I have to whom I want, the way I want and when I want, and I want to save every tax dollar, legal fee and court cost legally possible."
A Last Will and Testament establishes how your assets are distributed after you pass away and requires court approval, through the process known as probate. A will can also designate a guardian for your children. If you fail to create a will, the probate court may intervene to make these determinations according to intestacy laws. A will may also be used in conjunction with a trust to ensure probate free asset transfer. While a will guarantees probate and initiates a creditor period, a fully funded trust is privately administered. Wills typically take longer to administer than a trust.
A trust is an estate planning vehicle which facilitates the private management and transfer of wealth. Wiles McMichael relies on the most up to date planning tools under the law and years of experience to assist clients in utilizing trusts to realize their goals for estate planning. The two primary types of trusts are revocable and irrevocable:
Revocable Living Trusts
Living Trusts afford privacy and ease of management during your incapacity and avoidance of a court ordered conservatorship. Trusts can ensure a probate free smooth transition of wealth upon your death as well. When coupled with irrevocable trusts, they can provide long-term protection opportunities against court control, divorce, creditors, and financial mismanagement.
Irrevocable Trust are typically used for tax planning (hyper link?) or asset protection (hyperlink?) purposes. Irrevocable Trusts allow you to gift asset out of your estate for tax purposes and provide protection opportunities for loved ones. Below are a few of the irrevocable trusts we at Wiles McMichael utilize when helping our clients plan:
- Generation Skipping Tax Gift Trusts
- Irrevocable Life Insurance Planning Trusts
- Beneficiary Defective Inheritor’s Trust
- Spousal Lifetime Access Trusts
- Charitable Remainder Trusts
- Net Income Makeup Charitable Uni-Trust
It’s done! For now any way. My wife and I finally updated and completed most all of our end of life planning decisions and legal matters including the Smith Family Trust, Healthcare Poxies & Access, Power of Attorney, etc. Huge shout out to Tripp Wiles, Alex Richey and everyone at Wiles McMichael, for their professionalism and help, great group of folks to work with on these important matters. I highly recommend them. –M.S.
It was such a pleasure meeting everyone at Wiles McMichael. I feel at ease by Wiles McMichael sharing their knowledge, compassion, and concern. – S.H.
It is a feeling of comfort to know the staff of Wiles McMichael are here to promptly come to our rescue when needed. We continue to thank each of you for your patience and guidance in making certain we have all our documents set up properly. – J.C.K.
The attorneys and staff at Wiles McMichael are OUTSTANDING! I will be forever grateful that they were referred to us to handle our family estate. They are extremely knowledgeable. More importantly, they are caring, sincere individuals that will have your best interests protected. – L.G.