The process begins with a Family Wealth Planning Session. Before the Session you will complete homework that will have you feeling more organized and put together than you have in a long time. Maybe ever.
During the Session, we will look at what would happen to all of what you have and everyone you love, if anything were to happen to you.
Then, we’ll determine a plan together to make sure everything goes the way you want it to so you are always in control and so your family always knows just how much you care.
If we decide there are things we can do to take care of your family better than they are taken care of now, I will present you with planning options that allow you to decide on your fee and the level of service that is right for you and your family.
Estate planning with Timothy Scott is not one size fits all. I offer 3 levels of planning to suit your varying needs. From starter plans primarily for families with young children and little in the way of financial wealth to more robust plans for well-established families concerned with matters of asset protection, preservation, and increased growth, I’ve got you covered.
The Many Facets of Planning
Family Wealth Planning Session
I conduct a Family Wealth Planning Session where we spend time together and you’ll get informed. Before your Family Wealth Planning Session, you will complete a Family Wealth Inventory and Assessment, which will help you to get clear about what you own and what you have to think about when it comes to planning for the well-being and care of your loved ones and loved belongings. If you decide the current state of affairs is unacceptable, and if we both decide that it’s a fit to work together, then we can design an estate plan together that will best suit the needs of your family.
Keep your plan current
I have annual membership programs to ensure your plan continues to work throughout your lifetime, your assets are always owned in the right way, and you are able to feel confident calling with any legal issue without ever worrying about receiving a bill in the mail for hourly fees. Whether you participate in one of the membership programs or not, I keep all of my clients updated about changes in the law and issues that might affect your life.
Asset Protection Planning
I assist my clients in determining the appropriate level of asset protection planning for their particular circumstances. Together, we will consider insurance, prenuptial agreements, asset segregation, choice of jurisdiction, gifting, LLCs, partnerships, corporations, and asset protection trusts. Customized combinations are layered depending on the needs of the client and as appropriate.
There are many different strategies to accomplish the protection of your assets while you are alive and after you are gone. To find out which strategies may be right for you, contact me for a Family Wealth Planning Session.
Revocable Trust Planning
The foundation of your estate plan will often include a revocable living trust; you transfer your property into this trust for your benefit during your life. One of the benefits of a revocable living trust is that, when done correctly and maintained over time, your estate plan should help your family to avoid the cost and delay of probate and minimize or eliminate estate taxes.
your family’s lawyer for life
At most estate planning law firms the relationship ends when you sign your documents. At the Law Office of Timothy J. Scott, P.A., I see the signing of your estate planning documents as just the beginning of a relationship with your family. And that’s how it should be because your life will change, your assets will change, and the law will change. Your plan needs to change along the way, as well.
Estate Tax Protection & Planning
You worked hard to build your family’s wealth and legacy, so it makes sense to put similar effort into protecting those assets—and that includes protecting them against excessive taxes. While there are fairly sizable exemptions to the estate tax, the estate tax rate is a whopping 40%, so we’re talking about potentially massive sums of money being owed by one’s heirs. And that bill must be paid to the IRS within 9 months of the decedent’s death.
The Law Office of Timothy J. Scott, P.A. offers a number of advanced estate planning strategies that are primarily aimed at reducing a family’s tax burden.
Kids protection planning
Having a trust and will alone does not ensure the care of your kids if the unthinkable happens to you!
Did you know that 69% of parents have not yet named guardians for their kids? And of the 31% who have, most have made one of 6 common mistakes? Review these 6 common mistakes most parents (and their lawyers!) make when naming legal guardians and then schedule a Family Wealth Planning Session with us today, so I can fix those mistakes with you.
keep your property in your family
I ensure your assets are owned in the right way throughout your lifetime. There are currently hundreds of millions of dollars sitting in Minnesota unclaimed property depots. I never want to see a penny of your assets there or for your family to be stuck dealing with the Court when you’ve worked so diligently to make things as easy as possible. That’s why I prepare a Family Wealth Inventory of your assets and keep it up to date year in and year out. So your loved ones can always locate what you own and how you own it, if and when necessary.
More than just Money
After you are gone, your loved ones will miss you deeply. They will long for your words of counsel and concern. Hearing your voice again would be a tremendous gift.
Through the unique legacy process, you can give your loved ones the most precious gift - a lasting expression of your love. What could be more valuable?