Using An Estate Plan To Prepare For The Future
A comprehensive estate plan will protect your assets and wealth for future generations and make sure that your wishes are carried out after your death. Preparing an estate plan is a gift to your family, and it is not difficult to do if you have an experienced estate planning attorney.
Salem Law was founded in 2010 by attorney Daniel Umlauf to provide comprehensive estate planning services to clients in and around the Winston-Salem community. Our firm can help you plan for the future and protect your assets and wealth.
What Does An Estate Plan Include?
The word “estate” refers to everything that a person owns or has control over, including real estate, bank and investment or brokerage accounts, stocks, bonds, individual retirement accounts (IRAs), 401(k)s, 403(b)s, life insurances, trusts, inheritances, business interests including LLCs and partnership interests, patents, royalties, copyrights, REITs, oil and gas interests, timeshares, etc.
At Salem Law, we believe that creating a proper estate plan uses a comprehensive approach that takes into account and coordinates every single asset a person owns.
Whether we are helping you protect your assets or planning ahead to transition your business, we want you to be informed of the risks you face, as well as the many solutions we have created to address those risks.
Drafting Wills And Creating Trusts
Wills and trusts are important tools for an estate planning lawyer. A will is a document that outlines your wishes and wants in the event of your death. A will can identify who you would like to manage your estate when you are gone. A will can also name beneficiaries and appoint guardians for minor children.
Trusts have become an increasingly common estate planning tool in the United States. Trusts have beneficial applications across the income and asset spectrums. A trust can be used to avoid probate and protect assets in the event your spouse remarries. A trust can also address the unique dynamics of blended families. In addition, a trust can ensure that your assets stay within your family by offering divorce protection for your children after you have passed. Finally, it is recommended that a business’s interests be owned in trust to protect against the threat of lawsuits and facilitate succession planning. Trusts can also protect family legacy properties, ranches and farmland for future generations.
When Special Needs Require Extra Planning
If you have a loved one with special needs, you likely know that special planning is needed to care for them properly. This planning can take a number of different forms depending upon your loved one’s circumstance. From revocable or irrevocable special needs trusts to establishing a guardianship or providing assistance with applications for various government benefits, we can help.
Planning For The Future Of Your Business Or Specialty Practice
When you have created a business, built up a special legal or medical practice or owned multiple investment properties over several years, there are a lot of people who can be affected if you are no longer able to run your practice. Your clients, customers, patients, employees and partners depend on you to have a plan in the event of your death or incapacity. But even more important, a succession plan protects your family. Our firm’s attorney can help you satisfy this important obligation by crafting a tailored business plan.
Legacy Planning For Family Farms And Landowners
A family farm or ranch is a lasting symbol of your ancestral heritage. Landowners, ranchers and farmers face unique challenges in preserving their family legacies. Whether you are running a farm, managing land or operating a family business, any transition in the family can cause turmoil. Transitioning ownership due to death, retirement, divorce or any other reason does not have to jeopardize a family legacy. We can help you maintain family harmony and avoid many difficult family business circumstances through customized estate planning tools like living trusts, legacy land trusts, family limited partnerships and buy-sell agreements.
Estate Planning For Mountain Homes, Cabins And Beach Houses
Passing along a cabin, beach house, mountain home or recreational property can often cause unanticipated issues in the event you become incapacitated. A specialized estate plan can protect these vacation home assets to ensure that transitioning ownership and management is as easy as possible for your children, grandchildren and beyond.
Customized Estate Planning For LGBT Couples
LGBT couples face unique issues when it comes to estate planning. At Salem Law, we can craft a specialized plan to protect your loved one’s right to inherit and set forth a specific plan for the guardianship of your children. We will provide proactive solutions to ensure your wishes are honored.
Protecting Your Pets
North Carolina has a statute dedicated to pet trusts. We can help you protect your furry friend and ensure that your pets are provided for in the event of your death or incapacity. We can help you make sure that your intentions comply with state law.
Attend An Upcoming Estate Planning Workshop
Salem Law regularly offers complimentary workshops that address some of the most frequently asked questions about estate planning.
Additionally, attendees are entitled to a complimentary estate planning consultation after attending a workshop. To find out more about our workshops or to schedule a consultation with an experienced estate planning attorney, contact our office by sending us an inquiry through our website form or by calling our office at 336-715-1311.