At the The Mendel Law Firm, LP we understand that just the idea of creating an estate plan can be a bit intimidating for someone who knows nothing about wills, trusts, and estates. It is, however, important for you to have an estate plan in place to protect you, your assets, and your loved ones. In an effort to make the process of creating an estate plan a little more “user friendly,” we have created some frequently asked questions and answers for you to look through in the hope that by learning more about commonly used estate planning terms and concepts you will feel more comfortable moving forward with the creation of your own plan.
Why do I need an estate plan?
If I don’t create an estate plan, won’t the government provide one for me?
What’s the difference between having a Will and a Living Trust?
The possibility of a disabling injury or illness scares me. What would happen if I were mentally disabled and had no estate plan or just a Will?
If I set up a Living Trust, can I be my own trustee?
Will a Living Trust avoid income taxes?
Can I transfer real estate into a Living Trust?
Is the Living Trust some kind of loophole the government will eventually close down?
Isn’t a Living Trust only for the rich?
Can any attorney create a Living Trust?
What is the federal estate tax?
What is a state estate or inheritance tax?
What is portability?
Must an estate tax return be filed if portability will be utilized?
I’m young and just starting out in my career. Do I really need an estate plan already?
Can’t I just save some time and money and use the DIY legal forms I find on the internet for my estate plan?
What is a trust and do I need one?
- Probate avoidance
- Incapacity planning
- Pet planning
- Special needs planning
- Asset protection
- Medicaid planning