Looking After Others, Taking Care of Yourself
Some regard estate planning and probate as a luxury reserved for the wealthy. However, wills, trusts, probate administration plans, and other tools for protecting and allocating assets can be beneficial for anyone. By working with a knowledgeable lawyer each step of the way, clients can avoid situations that otherwise divide a family, cause litigation, and even deplete the family assets after the death or disability of a loved one.
The Tools That Protect Your Legacy
Estate planning is more than simply creating a will. We can help you in estate administration matters such as:
- Creating a will: The testator puts in writing such provisions as naming an executor, dividing assets, and establishing guardianship for a minor.
- Creating and funding trusts: Trusts can be useful for one individual or a business managing or owning assets for the benefit of another, such as a minor or surviving family member. The two most well known are revocable and irrevocable trusts. Trusts are used to avoid probate, protect assets, and ensure that wealth passes seamlessly to beneficiaries.
- Probate: Probate is the legal process where the court reviews a will’s authenticity and allows time for others to make legal challenges to it; in cases where there is no will, the process determines the allocation of estate assets among family members. A personal representative (previously called an executor) has a number of duties in probate. We can help guide you through the steps involved.
We also provide a number of services for our clients. These include:
- Appointing a power of attorney for financial and health care purposes
- Drafting premarital agreements that impact estate plans
- Business planning transition and succession planning
- Drafting a living will or advanced directive
A Word About Nebraska Estate Tax and Property
Nebraska is one of six states that charge a specific inheritance tax on property passing from one who has died to his or her heirs and/or beneficiaries. This is particularly noteworthy for those receiving a family farm, home, or other assets.