Here at McClelland Law Firm, P.A., we’re extremely well-versed in Estate Planning. Our goal is that every estate planning client that enters our firm leaves with an estate plan that is tailored to their specific needs and situation. A good estate plan helps families plan and protect their assets, as well as avoid leaving a mess for others to clean up.
We know everyone wants peace of mind when they leave our office, but there is so much more. Here are just some of the benefits of creating a plan with our firm:
There’s nothing worse than a child coming to our office and saying these words, “I have no idea where to start.” It’s never an easy task to spend hours trying to find simple bank account information and other important documents. Often, the most important documents are found in small envelopes. In many ways, your plan is the greatest gift you can give your family.
My late grandfather once said, “If you live long enough, you’re once a man and twice a child.” Planning for incapacity will avoid family confusion, court involvement, and give you the power to choose your caregiver. Families without a plan are more susceptible to financial abuse.
We’ve heard that nothing is certain except death and taxes. But, bad planning is certain to cost more in taxes than a well-designed plan.
Unfortunately, we find too many plans that rely on probate either by the design of a Last Will or without leaving a Last Will. Even worse is a plan to avoid probate (such as beneficiaries or a revocable trust) that isn’t properly set up. Our clients take comfort in our attention to details to make sure each asset is properly accounted for.
Today it isn’t enough just to have one plan. No one knows what the future holds. That is why our plans account for the unplanned divorce, death of a child, or disability. We plan for the worst and hope for the best.
John Smith (Dad) and Jane Smith (Mom) live in a subdivision off Beebe Capps in Searcy. They have three out-of-state children: John, Paul, and George. George is often busy traveling with his music career, and John’s wife has caused a lot of strife among the boys. When Paul visited in April 2016, Dad and Mom set up an estate plan putting Paul in charge because he not only had a successful business, but Dad said, “When the long and winding road is over, he’s the son to help the family come together.” Choosing the right agent or child can help keep the family together.
The Smith family have recently retired in the Heights in Little Rock after a long career farming in the delta. They are the caregivers from a special needs grandson, Treveor. When they sold the farm near Marianna, they bought their dream home and invested the rest. Their number one goal is to establish a special needs trust for Trevor, who suffers from muscular dystrophy and will never live independently. Planning for special needs preserves state benefits, nominates caregivers should he outlive them, and maximizes the quality of life for their grandson.