How do I avail myself of your services?
Many of my clients are referred to me by attorneys, bank trust officers, accountants, and financial planners and managers, who have already identified a client’s need for estate planning. Our initial meeting may require at least two hours of your time, as we explore your needs, wishes, goals, and review your assets so that I may propose a plan specifically tailored for you.

I thought the federal estate tax was repealed? Do I still need to do estate planning?
Remember, estate planning is not strictly tax planning. Despite what you may have read in the press or heard on radio or television, you still need to plan your estate. The law that passed in 2001 provides for a gradual phase-out of the estate tax beginning in 2002 and ending in 2009. During those years the estate tax is alive and well and will take a sizable bite from your assets over a certain level. Since none of us knows the date of our death, if you need tax planning in your estate plan now, it is most likely that you will need it in the next several years. Also, full repeal of the estate tax is only taking place (if ever) during the year 2010. Unless Congress acts in the near future, beginning in 2011, the sunset provisions of the act will bring the tax back exactly as it was in 2001 with the exemption reduced to $1,000.000, and a 55% tax rate.

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What are the fee arrangements?
At the close of our first meeting, I will be in a position to quote a fee for your estate plan. One-half of the quoted fee is required at that time as a retainer together with a retainer agreement. The balance is due when your estate planning documents have been prepared.

How is document preparation accomplished?
I prepare all of your estate planning documents. At our second meeting, before you sign your estate planning documents, I will review these documents with you.

How do my retirement plans fit into my estate plan?
Today, significant portions of my clients’ asset mix include company-managed 401(k) plans and self-directed funds known as Individual Retirement Accounts. These tax-deferred retirement plans present challenging issues in the estate planning process. I may recommend that you include in your plan structured beneficiary designations allowing your retirement plan to work within your overall estate plan.

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How is life insurance used in estate planning?
Holding life insurance in an irrevocable life insurance trust could help keep your heirs’ inheritance from being reduced by estate taxes. That’s one good reason to carefully consider the role of life insurance in your estate plan, either to plan for the liquidity to pay estate taxes or for asset value replacement. Remember, life insurance proceeds are not subject to income tax, but without appropriate planning for their ownership, they are included as part of your gross estate for federal estate tax purposes.

How should I store my estate planning documents?
Many of my clients have fireproof cabinets or safes at home with at least a one-hour rating and so they retain their original documents. If my clients do not have any fireproof storage available, their estate planning documents may be stored with me. Remember, only an original will may be probated without a court proceeding, so proper, safe retention is critical.

How is probate and administration of decedents’ estates accomplished?
From the first appointment with the Surrogate, through the final accounting and distribution of the estate to the beneficiaries, I offer compassionate attention to the bereaved family while providing efficient and timely service, working hand-in-hand with executors and trustees. Because I encourage executors to perform as many of the tasks of administration as they are comfortable handling, the cost of administration can be reduced. My paralegal staff also stands ready to assist with those tasks which the executor or administrator may not be comfortable in handling.

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