What is an Estate?
The term “estate” is used to describe everything of value that a person owns minus their debts or liabilities. An estate is the total collection of assets including real estate, personal belongings such as furniture, vehicles, and collectibles, financial assets such as cash, stocks, bonds, and intellectual property such as trademarks or patents. No matter how much or how little you have, everyone has an estate. Estate planning involves devising a comprehensive plan to identify and distribute your estate to whom you choose when you die or when you are no longer able to manage your assets yourself, streamline the transfer of your assets, and appoint a trustworthy individual or institution to manage the process for you.
Estate Planning
A great estate plan is individually tailored to achieve your goals, preserve family unity, address potential tax issues, and provide peace of mind. Whether your goal is to update an existing will or trust, address the needs of a specific family member, avoid probate, or draft a new estate plan, the estate planning attorneys at Chenoweth Law Group, start with end in mind. A well drafted estate plan begins with great planning for not only at your death but in event you are no longer able to manage your affairs because of a disability or incapacity. Our expertise will ensure your estate plan is comprehensive, thoughtful, and sound, so you can get back to the business of living.
Our Portland, Oregon, attorneys can help families structure an estate plan or feel more secure after reviewing an existing estate plan. Licensed to practice in Oregon, Washington and California, we are help you and your loved ones across the Pacific Northwest. If you have questions about your estate plan or a loved one’s will, please contact us.
We can draft and answer your questions about any type of estate planning documents including:
- Wills
- Revocable Living Trusts
- Irrevocable Trusts
- Charitable trusts
- Special needs trusts
- Advance health care directives
- Powers of Attorney
- HIPAA
Why Is It Important To Have An Estate Plan?
An estate plan is crucial for protecting your assets and ensuring your wishes are honored. As Portland estate planning attorneys, we understand the importance of strategic, thorough planning. An estate plan provides numerous benefits, including:
- Asset protection: Safeguard your property and investments for future generations.
- Tax advantages: Utilize estate planning strategies to minimize tax burdens for your loved ones.
- Avoiding probate: Streamline the transfer of assets without court intervention.
The complexities of estate planning require experience and understanding. Our Portland estate planning attorneys work with you to customize solutions that meet your particular needs. We can help you navigate through the variety of estate planning options and provide you with a comprehensive plan that protects your legacy, honors your wishes, and minimize work for those you leave behind.
The Risks Of Not Having An Estate Plan
Not having an estate plan can be a significant burden on those you leave behind. Without a plan, your loved ones may find themselves in conflict over your assets. This can cause unnecessary stress and emotional strain. In addition, without proper planning, your estate may face significant tax liabilities. Oregon’s estate tax exemption stands at $1 million. This means that estates valued above $1 million (of your combined value of real and personal property) are subject to the state’s estate tax with rates that range from 10% to 16%.
Probate is another risk of not having an estate plan. Probate is the legal process of distributing your assets not necessarily according to your wishes but according to state law. It can be lengthy, costly, complicated, and public. Probate can delay the distribution of your assets to those you leave behind, incur unnecessary costs and fees, and reduces the overall value of your estate.
By working with a Portland estate planning attorney, you can avoid these risks. Our team at Chenoweth Law Group, P.C., helps you create a clear and effective estate plan, protecting your loved ones from unnecessary complications.
How You Can Get Peace Of Mind With A Will Or Trust
Having an estate plan which includes either a Will or a Trust or a combination of the two can provide you with peace of mind. Here’s how:
- Taking care of your family: An estate plan can ensure your loved ones avoid the emotional burden, potential family conflict, unnecessary fees, costs, and taxes and a mess to clean up while they are grieving.
- Making your own plan: Without an estate plan, the state will dictate how your assets are distributed and to whom, which may not necessarily be according to your wishes. With an estate plan, you have control over your legacy.
- Avoid fees and costs: Spending the money upfront on an estate plan can save you thousands of dollars in court and attorney fees which will be ultimately paid by your loved ones later on. In addition, a comprehensive estate plan provides sensible tax planning that can defer or defray estate taxes.
Fortunately, we understand the importance of having a solid estate plan. Our Portland estate planning attorneys are here to help you craft a plan that fits your unique needs.
Helping You Make Informed Decisions About Your Future
To discuss your estate planning, probate or any other estate matters, please call Chenoweth Law Group, P.C. at 503.446.6261 in Portland or send us an email.
