Estate Planning and Wealth Preservation
Every individual and every family is different. However, a one-size-fits-all set of default rules will govern your affairs upon your death or incapacity unless you have carefully drafted estate planning documents to match the unique circumstances of your life. Knitter & Knitter establishes and updates personalized estate planning documents that fit the unique situation of each client who places their trust in us. We speak plain English and provide common sense solutions for our clients. In addition, our trusts and estates litigation and administration expertise allow us to point out issues that are commonly overlooked by other attorneys during the estate planning process. This provides our clients with peace of mind by reducing complications and conflicts upon incapacity or following death. While there are as many variations on estate plans as there are individuals, estate plans prepared by Knitter & Knitter commonly include some or all of the following:
- Revocable Trusts
- Wills
- Durable Power of Attorneys for Financial Matters
- Advanced Health Care Directives
- Nominations of Guardians for Minor Children
- Nominations of Conservators upon Incapacity
- Health Care Privacy Releases
- Trust Funding Documents
- Planning for Dispute Avoidance Between Spouses and Children of Prior Relationships
- Protecting Beneficiaries from Creditors or Spouses
Knitter & Knitter also offers sophisticated advanced estate planning services that transfer wealth in the most tax efficient manner. While that often involves transferring wealth to younger generations with restrictions designed to prevent trust fund babies, it may also include significant charitable planning. Whatever your goals, we can work with you to build an estate plan that reflects your personal values. The techniques most commonly employed in this area include the following:
- Sales to Intentionally Defective Grantor Trusts (IDGTs)
- Grantor Retained Annuity Trusts (GRATs)
- Qualified Personal Residence Trusts (QPRTs)
- Family Limited Partnerships (FLPs) and Limited Liability Companies (LLCs)
- Charitable Remainder Trusts (CRTs)
- Charitable Lead Trusts (CLTs)
- Self-Cancelling Installment Notes (SCINs)
- Irrevocable Life Insurance Trusts (ILITs)
- Planned Giving Through Charitable Organizations