Estate Planning Solutions
Preparedness and peace of mind.
What does a comprehensive estate plan offer?
In a word, a comprehensive estate plan offers certainty.
Certainty that your wishes will be carried out;
certainty that your loved ones and the causes you cared about will be provided for in the event of your death;
certainty that none of your affairs will be neglected, causing financial or legal difficulty during your family’s time of grief.
Preparedness does not just mean having a will or trust. Without ensuring that your affairs are properly organized, your personal representative will likely not know how to carry out your final wishes. Tamarack Law Incorporated helps our clients ensure their families are prepared with a plan.
Probate avoidance:
Whether you have a Final Will and Testament or not, your estate will likely have to be administered through a public process called probate, during which creditors of your estate are paid and any beneficiaries of your estate receive property. Having helped many clients through the probate process, Tamarack Law Incorporated was founded with the goal of helping Alaskans plan their estate with probate avoidance in mind.
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Most people hire an attorney to help with part of the probate process. An attorney’s retainer is likely to cost thousands of dollars.
If a beneficiary or creditor makes a claim on your estate, that figure is likely to increase substantially. Even if there are no claims to be disputed, the time required in probate to allow all creditors to make their claims inevitably prolongs probate’s administration, delaying your loved ones’ receipt of your bequests.
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During a time of loss, many families unfortunately experience some level of conflict during the probate process, even if there are not many assets to be divided.
In addition to costing the estate in attorney’s fees, the emotional toll of a probate dispute can harm the relationships you helped foster while you were alive.
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Probate is a public process: anyone who is aware of your probate case may make a claim on your estate, whether their claim has merit or not. Your Final Will and Testament will be made a matter of public record for anyone to review. Any disputes among your beneficiaries, and the nature of any creditor claims on your estate will also be public.
In addition to costing time and money, these disputes can harm your legacy.
What are the benefits of a Revocable Living Trust?
We believe that revocable living trusts should be accessible to people at all stages of financial growth.
A revocable living trust is not just about transferring wealth to your beneficiaries. It can be part of maintaining an organized estate while you are alive, and ensuring you are cared for in the event of your incapacity.
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When properly funded, a revocable living trust allows you to know that your property will pass immediately, without dispute, to your intended beneficiaries.
Tamarack Law Incorporated will provide you with comprehensive instructions regarding which assets should be placed in your trust, and how to place those assets in trust.
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A revocable living trust allows you to not only revise your estate plan as needed, but gives you the opportunity to name your successor trustee in the event of your death or incapacity. This can help minimize the potential for disputes regarding your final wishes, and gives you a greater degree of control over who, if anyone, may serve as your legal conservator.
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Working with a CPA, your revocable living trust can be part of a highly successful strategy of lawful asset protection. Keep your assets private from potential creditors; lawfully defer or avoid capital gains taxation; and retire with an organized system designed to protect you and your beneficiaries.
