At the Arges Law Firm, P.C. we recognize that people need to do some estate planning—especially anyone with young children or with significant assets. But we are determined to help take the fear and intimidation out of the process. Estate planning can be complicated, but it can be very straightforward. For many people it is not that hard to do. For many people, a simple will is sufficient, along with a general power of attorney, health care power or attorney and advance directives. In most cases, it’s only when you get assets over 2 million dollars that things become more complicated.
Preparing a living will and/or health care power of attorney are essential steps to avoid being subjected to burdensome and expensive health care procedures that you do not want—the Terry Schiavo case illustrates the pain and waste that can ensue. Living wills and health care power of attorneys are usually very simple, straightforward steps—but an experienced counselor can help ensure that information about your wishes is available at the right time and right place when needed.
In estate tax planning, when a simple will may not be sufficient, we can help you access a variety of estate planning tools to fit your particular needs and circumstances. The goal is to ensure your estate goes where you want it to go without unnecessary delay or loss to estate taxes. Here is just one example of many: The IRS and North Carolina law permit the establishment of a “Q-TIP Trust” which provides for all income to the surviving spouse for life. Upon the death of the surviving spouse, the balance in the trust will pass to the person or persons named in the trust clause. This kind of trust allows the executor to qualify all or a portion of the trust for the marital deduction.
Estate Planning Questionnaire