Work With Trusted Leaders On Estate Planning
Whatever stage of life you are in, proper estate planning today gives you and your loved ones a legacy of loving memories, shared values, wise choices and diligent distribution of assets.
If you are a young couple with minor children, you can designate who will care for your children in the event that both parents pass away. You can also designate the terms and timing by which your children will receive their inheritance. If you are an older individual or couple with assets to protect, you can choose effective strategies for preserving your assets and minimizing exposure to estate tax liability.
Regardless of your situation, at Mignanelli & Associates, Ltd., we can assist you with your estate planning needs. Our firm has been a trusted leader in estate planning since 1984. While we work with clients from all walks of life, our attorneys have extensive experience helping high net worth individuals understand and utilize the protections that the law affords. Based in Providence, we help people throughout Rhode Island and Massachusetts gain peace of mind through comprehensive estate plans.
The Importance Of Making Your Wishes Known
A proper estate plan will provide for the orderly distribution of your assets after death as well as the possibility of illness or incapacity during life.
At your direction, we will work hard to create an estate plan designed to:
- Preserve assets
- Minimize estate tax liability
- Avoid disputes within the family after your passing
- Ensure an orderly distribution of assets and payment of debts
- Avoid the probate process
- Avoid litigation, if possible
Helping You Make Informed Decisions
When you work with us, our lawyers will assess your family and financial situation, identify your estate planning goals and develop a comprehensive strategy to help you achieve them. We will listen carefully and explain all your options so that you can make informed decisions. We will walk you through the specific tools necessary for accomplishing your estate planning goals, which might include:
- Will: This foundational estate planning document expresses your wishes regarding the disposition or transfer of assets after you die. You can also name a guardian to care for your minor children if both parents pass away.
- Trust: A trust is essentially a detailed set of instructions expressing your wishes for management of assets during your lifetime and transfer of those assets at your passing. When established and fully funded, a trust may allow for the distribution of an estate without having to go through the probate process. There are numerous types of trusts, each of which can be tailored to fit your goals.
- Powers of attorney: These critical tools allow you to designate trusted representatives to make financial or medical decisions on your behalf in the event of your incapacity. They only go into effect if you become incapacitated due to injury, illness or cognitive decline related to aging.
- Advance health care directive: Also known as a living will, this document allows you to express your wishes regarding end-of-life decisions and life-sustaining treatments or procedures. It ensures that your loved ones won’t have to guess about your wishes.
We also provide comprehensive analysis of the tax implications of each option so that you will have complete information with which to make confident decisions.
Updating An Existing Estate Plan
An estate plan should evolve with you through all the major milestones in life. It’s wise to update it every two to three years. Additionally, consider revisiting your estate plan if you’ve had a shift such as:
- A divorce or remarriage
- The birth or adoption of a child
- A major change to your assets or debts
- A death of a family member
Our attorneys can help ensure that your estate plan is current. Regardless of where your prior estate plan was drafted, we can review and update it as needed.
We also assist clients who face disputes arising out of poorly worded or executed wills and defective estate tax plans and offer experienced guidance on reformation.
Discuss Your Estate Plan With A Member Of Our Team
To schedule a free initial consultation with our experienced estate planning lawyers, contact us online or call 401-340-3605. You can trust that we will listen to your objectives and apply our in-depth skill, experience and knowledge to craft a solid estate plan that is carefully tailored to your situation.