What is Estate Planning?
Oregon Estate Planning involves helping people prepare for the control and disbursement of their estates. Depending on what and how much you own when you die, your estate may have to pay estate taxes before your assets can be distributed to your heirs. Federal estate taxes are expensive – currently up to 47% of the estate and possibly up to 55% by 2011. Proper estate planning can substantially reduce taxes or even eliminate them altogether.
Other estate planning issues, however, may be even more important for you than paying taxes, particularly if you have a spouse or children. Issues such as: Who will take care of your children if you die or become incapacitated? Who will make medical and financial decisions for you if you become incapacitated? Who will make the decision to keep you on life support if you decline into a permanent vegetative state? These decisions will be made by a court, possibly contrary to what you may have wanted, unless you have prepared the necessary documents in advance.
A good estate plan can preserve your family’s legacy by protecting assets you want left to your children and grandchildren from creditors and predators. In some cases, a good estate plan can protect your children from themselves. At McGinty and Belcher we have the knowledge and tools to help you establish the estate plan that’s right for you.
Our firm is here to protect you and those you love. Contact us today and learn more about how we can help you make the most of your resources through long term planning for retirement, medical emergencies and the eventual transfer of assets to the next generation.
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