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Estate Planning
Our estate planning practice includes the preparation of wills, trust agreements and related documents for the purpose of minimizing income, gift, estate and generation skipping transfer taxes impacting the transfer of inherited wealth between generations. To the extent possible, integrated multi-generational plans are developed for the disposition and holding of family property to minimize the impact of these taxes. We also work with individuals in the particularly sensitive areas of living wills, advance health care directives, financial powers of attorney and other planning to minimize problems relating to incompetence and to help define the wishes and expectations of each of our clients.
Our estate planning group makes use of traditional estate planning vehicles and has expertise in applying the more complex planning vehicles, including insurance trusts, family limited partnerships, limited liability companies, so-called asset protection trusts, QPRTs, GRATs, sales to defective trusts and charitable trusts and foundations.
Why You?
It is extremely important to make certain that plans are in place to guarantee your assets are distributed in the manner you wish upon your death. There are numerous reasons to undergo a preliminary estate planning consultation.
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You may want to create a trust to save taxes, avoid probate or for a family member who has special needs.
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Perhaps you want to provide for children of a prior marriage or specify a guardian for your minor children.
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You may want to protect yourself and your family and ease your family’s burden in the event that you are disabled and require assistance with health care and financial decisions.
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You may want to help ensure your and your children’s assets are protected from creditors, including in the event of a divorce, to the greatest extent possible.
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Significant tax savings can result from a properly executed estate plan.
The future of your assets, and perhaps your family’s well-being, lies in the careful planning of your estate. Specific estate planning needs, goals and objectives, regardless of age or familial status, should be addressed by everyone.
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Why Now?
Unless you provide otherwise in your estate plan:
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Upon your death, state law will dictate the distribution of your money, property and other assets, as well as who will handle your personal matters if you are disabled and who will administer and control your assets.
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Minor children will receive money when they reach 18 or 21, and may have a court-appointed conservator handle their money until that time.
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If a guardian is required, the court will select one without the benefit of knowing your preferences, intentions and personal relationships.
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If you are disabled and need assistance, your family may be forced to hire a lawyer and ask the court to appoint a conservator or guardian to take care of your health care decisions or financial affairs on your behalf.
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Many of your last wishes may go unfulfilled and your family may lose control over your estate and pay significantly more in taxes.
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Federal and state estate tax laws have changed significantly over the past few years and your documents may need to be updated to maximize your exemptions.
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Why Cochran & Owen?
- We are responsive, caring and diligent about serving our clients’ needs.
- We help clients establish comprehensive and tax efficient estate plans, including wills, revocable and irrevocable trusts, beneficiary designation forms, charitable trusts and foundations, powers of attorney and health care directives, family partnerships and limited liability companies. In addition, we assist with estate and trust administration and probate.
- We provide federal and state gift tax planning advice, including various charitable gifting techniques.
- We pride ourselves on our sensitivity and responsiveness in meeting the personal needs and objectives of our clients by providing a comprehensive, tax efficient and understandable estate plan.
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Charitable Planning
The estate planning group has extensive experience both in planning charitable gifts, advising clients embarking upon or creating planned giving programs and helping them fulfill their charitable intentions in the most tax-efficient manner. We also help clients prepare charitable lead trusts, charitable remainder trusts and private foundations.
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Asset Protection
Asset protection is a major concern, particularly for our physician clients, business owners and clients who want to protect assets in the event of a divorce. We understand the importance of protecting our clients’ wealth and can assist in choosing an appropriate strategy to protect assets, not only from taxes, but from creditors, litigation, divorce and other unforeseen circumstances. With both very simple and sophisticated techniques and familiarity with numerous methods available to design an asset protection plan that addresses the specific needs of our client, we can ease our clients’ concerns about preserving and maintaining their estates.
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Taxation
We advise our clients on income tax planning and work closely with accountants and other professionals to help our clients address specific tax planning considerations. We also assist in retirement planning, planning with non-qualified deferred compensation and beneficiary designation forms.
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Estate Administration
We work directly with the personal representative (executor) and trustee to help with the required post mortem planning. Our team assists the personal representative and trustee with all aspects of estate and trust administration, including collection, management and distribution of the estate or trust assets, and all tax issues.
We also prepare all necessary probate filings and trust accountings, as well as any required tax returns and tax compliance matters.
In many cases, we work closely with accountants and other professionals to help ensure the administrative and tax matters are handled efficiently and effectively, and we provide specialized legal advice, as required, on issues that may arise. We regularly work on estate and trust administration matters in Virginia, Maryland and the District of Columbia and have experience in other jurisdictions as well. Our litigation group is experienced in providing services that may be required in a will contest or other estate or trust litigation matters.
We also represent beneficiaries and other parties interested in an estate or trust matter to help them understand the process and guide them through the proceedings. If necessary, our litigation group is also available to help such parties ensure their rights are protected.
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Estate Planning
Estate Administration
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Estate planning is complex because there are no set rules and no one right answer, which is why we offer tax-efficient plans tailored to your individual needs. We will make sure you feel comfortable with and understand your estate plan. |
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8000 Towers Crescent Drive, Suite 160