Wills

A most familiar estate planning strategy is of course, a will–a document created by a person to inform the probate court of a person's wishes concerning his or her wealth, after death. A will, while important, is the most basic estate planning tool. In many cases, a will simply does not serve as an wholly sufficient estate plan. Instead, having a will in conjunction with other strategies ultimately delivers much greater value and protection.

Revocable living trusts

If a will is like a bicycle, then a revocable living trust is an automobile. While a bicycle can get you from point A to point B, you probably don't want to use it when it's raining, cold outside, or when traveling a lengthy distance. In other words, a bicycle has limits when it comes to 1) protection, 2) distance, and 3) versatility. Sometimes it's best to take the car.

A revocable living trust can be a powerful tool. They come in all shapes, sizes, and capabilities. Much 

like a vehicle, a revocable living trust can be created to serve different purposes. A small, compact car is enough for some people, while others require a large van or truck to accommodate their needs.

A revocable living trust is much more versatile than a will, and similar to a vehicle, it can be tailored to your goals, wants, and needs. Mark is experienced in drafting revocable living trusts that will accomplish more than you knew possible.

Irrevocable trusts

Irrevocable trusts are powerful tools when it comes to avoiding estate taxes, protecting wealth, and creating a lasting legacy. But certain irrevocable trusts can also help preserve (and potentially pay the maintenance costs of) the family home. Additionally, irrevocable trusts can help you avoid creditors and potentially divorcing spouses. Some of the more common irrevocable trusts that Attorney Mark Skandier creates, include:

• Medicaid Asset Protection Trusts

• Life Insurance Trusts

• Real Estate Trusts

• Credit Shelter Trusts

• Asset Protection Trusts

• Crummey Trusts

• Dynasty Trusts

Irrevocable life insurance trust

Life Insurance is a valuable financial product for many couples and families.  For some, it insures that a surviving spouse will be able to maintain his or her lifestyle if widowed, and left without the decedent's monthly income. For others, it’s a successful way to perpetuate wealth for the next generation. Attorney Mark Skandier is poised to help his clients exclude life insurance proceeds from the estate of the first spouse to die and from the estate of the surviving spouse, depending on the goals of the life insurance. 

Real estate, vacation homes & income-producing property

Every individual or couple owning a piece of real estate should consider placing that property into one of many types of trusts.  Some have attempted to simply "add my child's name to the deed," however, this results in added risks of allowing the creditors, lawsuits, and potentially divorcing spouses to claim an interest in the property, among other detriments.

Whether a primary home, a cottage on a lake, a beach house, a time-share, or an income-producing rental unit, placing property in an irrevocable trust can allow you to continue using the property, while removing its value from your estate (for estate tax purposes). The property can still be sold and/or another property can be purchased. Additionally, if the property produces income, the income can be retained by the trustmaker, or the beneficiaries.  Further, it will be unreachable by most creditors, lawsuits, and other potential disasters. The property can then be held for the benefit of your family, but will remain inaccessible to creditors, lawsuits, and potentially divorcing spouses. These types of trusts are ultra-effective wealth protectors for the middle-class family.

Attorney Mark Skandier has developed unique strategies to serve a variety of goals, adding value to your beneficiaries, minimizing estate taxes, avoiding probate, and protecting the property (and its value) from the many risks discussed above.