Estate Planning
A good estate plan coordinates what happens with your home, your investments, your business, your life insurance, your employee benefits, and other property in the event you become disabled or die. In addition to creating a will or trust, estate planning minimizes potential taxes and fees and sets up contingency planning to make sure your wishes regarding healthcare treatment are followed.
Click on an item below for more information on estate planning. To find out how William W. Erhart, P.A. can help you with your estate planning issues, contact the firm today.
Wills
A last will and testament is a document that provides for the disposition of your property at the time of your death. This document details exactly how you want your various assets to be distributed. A will can also provide for the care of family members as well.
Trusts
A trust is a helpful estate planning tool for those people who wish to avoid estate taxes and the costs associated with probate. There are different types of trusts that can be formed depending on your goals—
- Charitable trusts give property to a charity in order to avoid taxes
- Revocable trusts can be altered during their lifetime
- Marital trusts transfer title of your property to your spouse
- Special needs trusts help protect disabled family members
Probate
Probate is the process of distributing an estate after a person dies. It is necessary to pass title from the deceased to the heirs. It is advisable to have a comprehensive estate plan in place.
Powers of attorney
Powers of attorney are used to protect a person and their property in the event they become unable—mentally, physically, or emotionally—to make decisions. A power of attorney grants a designated individual the ability to help the grantor with decisions if they become incapacitated or incompetent.
Advanced healthcare directive
A good estate plan includes directions for your healthcare. In the even you are unable to deliver them yourself, someone you select will make decisions for you with regard to your healthcare and medical issues.
Estate tax and gift tax planning
Federal tax law allows individuals and spouses to make gifts of a certain amount each year, and over a lifetime, without incurring a gift tax.
Centered around family values, vision, and planning
Attorney Bill Erhart cares about your future and your family's future. It is the sincere interest in the lives of his clients that has made William W. Erhart, P.A. a sought-after firm throughout Delaware. To address the estate planning and Medicaid needs you face with an experienced lawyer who can guide you with confidence and compassion, contact the firm today.
