Estates: Wills, Trusts, and Probate
At Centerpoint Group your legacy is our business. We believe estate planning is one of the most important actions someone can take in their life. Without proper estate planning the legacy you intend or wish to leave to your loved ones cannot be guaranteed.
Our firm’s primary goal is to help clients determine and implement a sensible distribution of their estate, one that reflects well on their legacy. Many times this involves creating simple Wills or establishing and improving trusts (or other entities) where assets are protected for a future beneficiary because of age, special need, or unique circumstance.
Drafting wills, trusts and other estate planning documents is a large part of the job, and attention to detail is important. We also advise clients on retirement plans, life insurance policies, and charitable contributions.
Probate matters are also a significant portion of our firm’s work. Whether it’s representing the estate of a loved one who has passed, or dealing with complicated matters between heirs of an estate, our firm has the expertise, knowledge and resources to help estates navigate the probate process.
Estate planning is, for most people, the culmination of a life’s work. Whether it’s a business or just personal savings, it typically involves a house that they’ve lived in for some period of time, and it involves their children. A lot of times it involves children that they’ve already raised, and maybe their grandchildren. At Academy Group, we feel estate planning is one of the most important things someone would do, right up there with graduating, getting married, having children, and retiring from work. This is one of the most important events in someone’s life, and it needs to be taken seriously.
Dalen’s primary goal is to help clients determine and implement a sensible distribution of their estate, one that reflects well on their legacy. Many times this involves establishing or improving trusts (or other entities) where assets are protected for a future beneficiary because of age, special need, or unique circumstance. Drafting wills, trusts and other estate planning documents is a large part of the job, and attention to detail is important. He also advises clients on retirement plans, life insurance policies, and charitable contributions. This is where his wealth management advisory expertise can be helpful. Finally, if an estate is to probated in court, he helps his clients (Executors and Trustees) through this process.
Common Misconceptions Surrounding Estate Planning
It is understandable that some people have hesitated to move forward with estate planning because of the perceived costs. Historically, because of the amount of attorney hours spent, the process was expensive. In the past 15 years, two things have changed to help with this:
Estate and Gift Tax laws
Estate and Gift Tax laws have been drastically revised. Currently, a typical married couple may, with a bit of planning, shelter up to $22.4 million from estate taxation. Many states, Tennessee included, have followed suit. For nearly all families, this takes estate taxes out of the picture. Generally speaking, over 99% of estates are not going to be subject to estate or inheritance tax.
Technology
Technology, specifically software programs designed for the estate planning law practice, have reduced the number of hours an attorney must spend to tailor an effective estate plan. These improvements in efficiency have made it easier, and less expensive, for everyone to receive a professional, well-constructed plan for distributing assets to loved ones. Dalen Farmer, Attorney at Law in Murfreesboro, TN, is proud to be a part of this evolution.
