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Complex Estate Planning

Qualifying for Medicaid, transferring property, or reallocating assets requires complex estate planning. Failure to create a trust or establish certain kinds of financial planning tools could result in greater tax liability, problems for your family and business, and legal difficulties during probate.

At the law offices of Benckendorf & Benckendorf, P.C., we create complex estate planning strategies that allow clients to establish funds for future health care needs, provide for the continuity of a closely held business, or support a cherished cause. Since tax liability and different kinds of penalties result from a failure to plan, understanding the options available to you now is essential for avoiding problems later. Our lawyers consult accountants, tax experts, and other financial professionals to determine what approach works best for each of our clients.

Complex Estate Planning and Your Financial Future

Our attorneys advise and assist clients on the following kinds of complex estate planning:

  • Special needs trust (supplemental needs trust)
  • Testamentary trust
  • Irrevocable trust
  • Marital deduction / Q-tip trust
  • Business continuity plans
  • Charitable remainder trust
  • Transfer of property titles
  • Reallocation of assets

Assigning Trusteeship

Regardless of what kind of trust you establish, assigning trusteeship is an important decision not to be taken lightly. While some people assign a family member as trustee, a corporate trustee also can be elected through the services of a financial institution. Typically, corporate trustees are bonded and insured, will prepare annual reports and tax returns on the trust, and provide a greater deal of transparency in their fiduciary responsibilities. However, a corporate trustee will cost more and may charge fees for their services. A family member trustee, while cheaper, is almost never bonded and insured. As a result, if financial mismanagement occurs, it is unlikely that the trust’s beneficiary will be able to recover losses.

Contact an Estate Planning Attorney

Complex estate planning involves a number of financial, legal, and tax issues. We have the experience and resources needed to navigate this area of law while securing your financial goals well into the future.

To schedule an appointment and discuss how we can help you, contact the law offices of Benckendorf & Benckendorf, P.C., today.