Estate Planning

Estate Planning helps you manage and preserve your assets while you are alive, enables you to efficiently transfer assets to your intended beneficiaries at death (or before) and gives you the opportunity to protect your loved ones and their inheritances after you pass away. An effective estate plan can address the following issues:

Incapacity Planning

If you become incapacitated you will not be able to manage your own financial affairs. Many people believe that if they become incapacitated their spouse or children can automatically take over for them. The truth is without proper planning, others must petition the court to have you declared incapacitated and ask the court to declare a conservator to manage your financial affairs. The conservator must file annual accountings with the court and show how they are investing and spending your money. The process can be expensive, time consuming and stressful. With proper planning you can designate who will take over your financial affairs if you become incapacitated.

In addition to financial planning you should establish a plan for your medical care. You can appoint someone you trust to make health care decisions if you become incapacitated. You can also make your own decisions regarding the type of medical treatment you would like to be taken if you are incapicitated and cannot communicate your own wishes. Without planning, a court would have to appoint a guardian to make these decisions for you.

Avoiding Probate

If you leave your estate to your loved ones using a will, your assets will pass through the probate process. Although the probate process in Alaska and Montana is not as difficult or expensive as in other states, it can still be a time consuming process which is open to the public. If you own real estate in more than one state your loved ones will often be required to undertake a probate in each state where you own real property.

Providing for Minor Children

It is important that your estate plan address issues regarding upbringing your children. With no plan in place, a guardian will be appointed to care for your children and a conservator will be appointed to manage a child's assets until a child reaches age 18. At age 18, the conservator will be required to distribute assets to the child. Most children are not capable of managing assets at age 18. An estate plan should appoint a guardian to care for your minor children and provide that assets will be held in trust and managed by a trustee for a child's benefit. You can choose how distributions are to be made to a child and the age when a child will receive an inheritance.

Family Protection Planning

Planning for children does not end when your children reach age 18. A proper estate plan can address the following issues:

• Ensuring an inheritance does not disqualify a beneficiary from government benefits
• Minimizing the risk of "sudden wealth syndrome" for a beneficiary receiving a large inheritance
• Protecting adult beneficiaries from creditors, including a spouse in the event of divorce, and taxes

Planning for Death Taxes

The Internal Revenue Code imposes an estate tax on estates over a certain amount. All assets you own at the time of your death, including, life insurance and retirement accounts, are subject to the estate tax. Many states also have their own estate tax. We can help you implement a strategy which will minimize estate taxes and still allow your loved ones to benefit from your assets.

Planning for Pets

Your estate plan can also provide for your 4 legged heirs. Thousands of pets are left homeless each year when their owners pass away. If you plan effectively, you can be certain that your pet will be cared for throughout their life even if you predecease your pet.

In Alaska and Montana it is possible to create a trust for the benefit of your pets. The trustee named in the trust agreement is bound by law to follow the instructions you set out regarding the care of your pets.

Pre Death Declaration that Will or Trust is Valid

Are you afraid that your heirs will contest your will or trust after your death? Alaska law allows you to petition the court before your death to have a will or trust declared valid. We can help you take advantage of this unique planning opportunity under Alaska law which makes it much harder for your heirs to challenge your wishes.