A comprehensive estate plan can be one of the greatest gifts you can give to your family. It can also ensure that your wishes are effectuated and help to avoid unnecessary conflicts and burdensome taxes. A comprehensive estate plan needs to effectively address four critical issues:
If something happens to you, who do you want making medical decisions for you? If you were to die, who do you want to raise your minor children? Who do you want to manage money for them until they are old enough, and when is old enough? And, most importantly, do you have the flexibility to update and change your planning as life events change?
Without effective tax planning, it is difficult if not impossible to effectively transfer wealth multi-generationally. From very basic planning to the most sophisticated, York HowellÂ & Guymon focuses on eliminating or reducing potential transfer taxes to the maximum extent possible.
Lawsuits, divorces, bankruptcies, and bad business deals can also have a devastating impact on the transfer of wealth. In fact, it is because of the impact of taxes and outside attacks that most family wealth does not pass beyond the third generation. At York HowellÂ & Guymon, we always factor in appropriate and effective asset protection in any wealth transfer plan.
Probate is the court-supervised process of maintaining privacy. To the greatest extent possible, we try and avoid the time and expense of probate and we also try and avoid the public nature of the probate process. We design estate plans that keep you from having to file a public list of your family, their addresses, and a description of the type and value of your assets.