Many attorneys will say that the more assets you have, the more benefit you gain from having a good estate plan. While it is true that wealthier individuals benefit greatly from a good estate plan, relatively smaller estates may benefit even more. Allow us to explain.
Among other things, an estate plan helps to preserve the assets of the estate. It does this mainly by avoiding unnecessary taxes and by navigating around expensive probate. If you own property, especially real estate, you have an estate. An estate without an estate plan, in the majority of cases, will have to go through probate in order for these assets to transfer ownership (e.g. transferring from a parent to a child). Probate costs can get expensive, and should be avoided when possible.
As a professional, you have income, assets, and even debt. All of these things need to be considered in a good estate plan. Whether you desire to protect your assets against future taxation, wish to ensure that your family is always taken care of, or both, Peabody Law Firm can help you reach those goals. In fact, we will go farther than that. As you move forward and grow your family and assets, we will be along side you to answer questions and to keep you informed of changes in the law.
For example, let’s say that you are currently earning a salary and basic benefits. Perhaps you have a 401k or stock options. In the future it is likely that you will be promoted, your salary will increase, your assets will grow and your financial options will diversify. If you lay a solid foundation now, rather than waiting, you will have time to build sturdy walls around your money and property. These walls will help protect you from unforeseen lawsuits, creditors, and even the government (avoiding unnecessary taxes). These same walls will even remain standing after you die, so that your family may benefit from their protection as well.
As a professional, you understand the value of having an expertise. For additional information on how our expertise can serve your needs, please read over the information we’ve provided on this website. Or, if you are ready to get started, contact us here, and set up a free consultation.
If you are looking to start a professional company, are becoming a partner and would like to be advised of your rights and responsibilities, or are considering buying into an existing company, we can help. Follow any of the above links for more information. If you cannot find a specific reference to your particular business question on our website, give us a call or email and we will see if we can help.
It’s never too late to protect yourself, your family, and get your property and estate in order. As a retiree, your goals may be to maintain your lifestyle and provide for your children and grandchildren. The first step in this process is to get informed and take an intelligent logical approach to identifying your goals and taking the steps to achieve them.
Schedule a consultation at Peabody Law Firm. This consultation is free of charge and completely confidential. In this meeting you will meet with a knowledgeable attorney who exclusively practices estate and business planning. In this helpful meeting, your options will be clearly laid out according to your individual needs. You are encouraged to ask questions and become clear about how your goals will be met. You will then receive thoughtful, expert advice regarding your best options and plan for the future. It’s worth repeating that this process comes with no obligation and is free of charge. Peabody Law Firm wants you to have as pleasant an experience as possible. We are on your side. Click here to schedule a consultation today.
Please see our Estate Planning page for a list and description of some of the specific legal instruments we may use to serve you.
Married Men & Women
If you have minor children, you want them to be taken care of. Right now, you and your spouse take care of them. Of course this is the ideal situation. In the event something was to happen to you or your spouse, you still want your children to be taken care of. For many people this is priority number one.
Peabody Law Firm is here to help you put together a plan that will benefit your family in two ways. (1) In the event something happens to you, we will help craft a plan (ahead of time) that implements your wishes and guidance for your spouse and children. This plan will insure that your guidance is prevalent in their lives and that they are taken care of according to your best wishes for them in the event you can’t be there. It goes without saying that we hope this part of your family plan never goes into effect, but if it does, you can take comfort in knowing your family is taken care of. (2) Planning for the future, such as college funds for your children, is also an important concern. This second major part of your plan may involve setting up trusts and accounts for your children’s education or other support needs they may have in the future.
These are just a few examples of the thoughtful strategies we will use to protect your spouse and children. Click here to set up a free consultation and find out more ways that Peabody Law Firm can serve your family needs.
If you are married and have no children or plan to have children in the future, the best time to protect both their interests and yours is now. The reason for this is that the longer you have a good personal financial and estate plan in place, the greater benefits we can extract from the tax code.
Do you take care of the finances in your house? What if something were to happen to you and your spouse suddenly had that responsibility? Part of a good plan will be to answer these questions in advance, based on your personal experience and our knowledgeable guidance. In such an event, we will even walk your spouse through the steps necessary to get everything in order, and do as much as we can to alleviate that burden.
If you are planning to start a family, one of the greatest gifts you can give your children is financial stability. Many children take for granted that mom and dad take care of everything, as they should, they are children after all. A good estate plan will seek to avoid causing your children any hardship in the event something was to happen to you. One example of a smart move you can make now is to start putting money away for your future children’s support. Saving just a little at a time can make a big difference in the long run for your child’s education and support.
Peabody Law Firm is pleased to advise you of your best options for taking care of your spouse and growing family needs. The fact that we are a relatively young law firm means that we are both current on the most up-to-date laws to serve your family, and we will be here when your kids grow up and you get older. We will answer your questions and provide sound legal advice both now and in the future. Contact us for a free consultation.
Single Men & Women
It is particularly important for single people to have a solid estate plan. The reason for this is because where a spouse would normally handle your estate in the event something were to happen to you, it is to your great benefit to name trusted individuals in your life that can take care of you and your estate.
Who is going to make medical decisions should you get in an accident and are put on life support in the hospital? Who takes care of you if you are incapacitated and unable to make important decisions yourself? These are just a few of the questions that we will help you answer and put down on paper according to your directive. These are the kinds of decisions that we never want to make, but if we must make them, better to have decided in advance than let someone else decide for us when they are emotional in the hospital waiting room.
In addition to personal care decisions, a good estate plan will help lay a financial foundation as well. One of our goals is to construct tax walls around your assets. This means that we seek to protect against unnecessary taxes, both now in the future. The sooner we start construction on these walls, the larger they will be in the future. The tax code is designed in part to benefit those that plan in the long term. In many cases, the sooner you start, the more benefit you will derive. With most people this is the case.
Peabody Law Firm offers free consultations. This means that we are happy to advise you of your best options and answer any questions you may have. Only then will you need to decide to move forward. We are here to serve you now and in the future. As your assets grow, we will be there right beside you, advising and helping protect you every step of the way. Contact us today to set up your free consultation.