Wednesday, August 16, 2017

0224 SW Hamilton Street, Suite 301, Portland, OR 97239

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Practice Areas Business Law

GIFT AND ESTATE PLANNING

image, family at a picnic

Womer Law Office understands that estate planning involves much more than the creation of a will or trust instrument.  These documents are pieces in a puzzle for managing many legal and practical issues that most of us eventually face, such as how to plan for incapacity, how to ensure that your children will be properly cared for, how to balance tax and non-tax considerations in gifting assets to loved ones, how to decide whether to utilize a Living Trust, how to fund and manage property in a Living Trust, how to handle beneficiary designations, and how to approach end-of-life decisions.

We will help you create and implement an estate plan by performing the following steps in the process:  

1.    Obtain the Facts.  This is the crucial first step.  Of course, a good estate planning questionnaire does much of the work, but this step often requires active listening to determine what the client wants to accomplish and, at times, requires asking the right questions to make sure that all of the client’s information and wishes are communicated to the attorney.

2.    Help Choose a Plan.  After gathering the facts, we will analyze the client’s situation and present options and recommendations which address the client’s tax and non-tax estate planning goals.  

For most people, a basic will-based plan is adequate to meet their needs.  A basic will-based plan includes a Last Will, Durable Power of Attorney, and Advance Directive for Health Care and is very affordable.  To learn more about this simplified process, please click here or contact the office at 503-563-5132.  

3.    Producing the Right Documents.  Once a plan is chosen, the next step is to produce the documents that will implement the plan.  A comprehensive estate plan will generally include at least the following documents:  
a.    Will or Living Trust with Pour-Over Will
b.    Advance Directive for Health Care; and
c.    Durable Power of Attorney

Once the documents are produced, we will take the time to make sure that you understand how to they should be utilized.

4.    Post-Signing Follow-Up.  Once the documents are signed, Mr. Womer provides his clients with further instructions and/or takes additional steps to maximize the effectiveness of the documents and the plan.  Examples include instructions for new beneficiary designations on life insurance and retirement accounts, investment accounts and bank accounts and Living Trust funding mechanisms, such as real property deeds and recording instructions, LLC interest assignments, and stock certificate transfer requests / instructions.