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Estate Planning

Creating and Estate Plan

Creating an estate plan requires a lot more thought than most people expect, because a good comprehensive estate plan covers a vast array more than simply who gets your stuff. You have to consider who your beneficiaries will be and how well they handle financial affairs, do they have substance abuse issues, or are they targets for litigation in their professional career. You have to consider who your fiduciaries will be, how well they interact with your beneficiaries, and are they capable of carrying out your wishes. You have to consider who you want to take care of you in the event that you are incapacitated and will that person also be in charge of your business affairs during that time. All of these considerations and a multitude of others must be applied to your circumstances to create a comprehensive estate plan that meets your needs. If you would like someone to guide you through the process, call us today to schedule your free estate planning consultation.  

Legacy Planning

Estate planning, necessarily so, focuses on handling your assets, wealth, or debts. However, you are more than your net worth. When you are gone, what do you want your family to remember about you? In addition to traditional estate planning we also want to help you use common estate planning tools to pass on your aspirations, dreams, and values to the next generation.

Special Needs Planning

If you have a family member with special needs it may not be possible to simply leave them money in your Will. People with special needs require special estate planning to be sure that they are protected and blessed by what you intend to leave them. You may need to set up a Supplemental Needs trust, so that your loved one will not lose the public assistance that they rely upon.

Family Business Situations 

Estate planning with a family business is particularly important, because you go beyond the usual estate planning issues and you get into the succession planning for the business. According to Forbes, less than 1/3 of family businesses survive the transition from the first generation to the second generation. Planning for that transition is a key component for the survival of the business and harmony within the family. 

Estate Plan Maintenance 

Once you have created an estate plan, it is imperative that you maintain that estate plan so that it meets your wishes when you need it. Whether it is a change in our circumstances, change in the laws, or our wishes change, from time to time the plan must be reviewed to ensure that it will still achieve your goals. However, too often this is the part that gets overlooked and many people go decades without reviewing their estate plans. Therefore, Chambliss + Fawcett offer's its clients maintenance plans to take the burden off of the client to keep up with their plan and places it on our staff of qualified attorneys. 

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