"There is an important lesson I have learned during my over 40 years as an estate planner.
That lesson is that estate planning is not an event, it is a process."
So many practitioners focus on the creation of the documents necessary to create a plan. However, they fail to understand that an estate plan is fluid and necessarily needs updating over time. In addition, often not enough attention is paid to all of the ancillary work that is necessary to carry out a proper estate plan such as titling of assets, keeping separate property separate, designing a plan that provides asset protection, keeping current on tax laws that may affect the plan as well as choosing the right individuals or trust company as Trustee.
As you are aware, at Jeffrey Burr, we pay close attention to all of the tasks and laws that cause an estate plan to be effective and relevant for our clients and their families. If you are reading this, you are already aware that we send out semiannual newsletters to keep you informed of important estate planning issues such as law or tax changes, and to give you ideas to strengthen and enhance your plan. We also send out communications as necessary to inform you of urgent pending law changes and resultant planning opportunities.
Part of the process of estate planning is also to assist you in funding your trust and the other entities that are created. We take great care in assisting you with the proper titling of your assets to avoid problems in the future.
During the interview process, we make every effort to ascertain if our clients have separate property as well as community property. Special planning is often necessary when this is the case. In Nevada, any gifts or inheritances you leave to your loved ones become the sole and separate property of that loved one, unless he or she commingles it with a spouse. Care should be taken to ensure that what you leave to your heirs is left in a manner that facilitates that property remaining their separate property. Likewise, your trust can be designed to shield the assets you leave to your loved ones from their spouses in the event of divorce and creditors. In addition, many of our clients have blended families which usually calls for specialized planning.
As part of the estate planning process, we make every effort to help you choose what type of trust fits your needs the most. For example, if you are involved in a high-risk profession or have significant assets, you may choose to create an asset protection trust in addition to your revocable living trust.
Lastly, unfortunately, we all eventually pass on. At Jeffrey Burr, we have an excellent Trust Administration department to help your successor trustees and heirs navigate their way through the administration of your estate and ensure your heirs are informed every step of the way.
Hopefully you agree with me that proper estate planning is a process and not an event. The attorneys, paralegals and staff at Jeffrey Burr are committed to helping you through this process in a competent and caring manner. We thank you for allowing us to be part of your estate planning process.
