Estate planning is the process of making planned transfers of accumulated wealth, either during your lifetime or at death, while minimizing federal estate taxes through trusts, wills, partnerships, and other effective legal documents.  In many cases, this involves activity similar to dividing assets in a divorce, therefore familiarity with the complexity of business assets is of significant value.  For over 35 years, Cowboy Davis has assisted clients in estate planning and probate matters.

Small Estates and Qualifying for Medicaid

Estate planning requires analyzing the client's objective and determining the amount to be transferred at the time of death.  For couples with small estates under $1,200,000, our Will Package includes a durable power of attorney, directive to physicians, healthcare power of attorney, and Wills for both the husband and wife.  Preparing and probating a Will is simple and inexpensive.  Carrying out this process now will protect against the enormous expense and complexity left behind when clear legal parameters are not defined pre-mortem.  Fill out the Estate Planning Questionnaire and contact us for the cost of our various estate planning packages.  Download the Estate Plan Questionnaire.

Complex Estate Planning Package

As a married person with an estate, including life insurance, exceeds two million dollars your estate planning should include at least a family by-pass trust and possibly a marital deduction trust.  With complex estates of this size and larger, you must be aware of transfer issues at your time of death in addition to minimizing federal estate taxes.  When the value of an individual's estate exceeds two million dollars in 2008 and 3.5 million dollars in 2009, each dollar above this amount at the time of death is taxed at the rate of 45% or higher.  For this reason, a family by-pass trust is a necessity for a married person with a community estate where half of the assets are taxable above these thresholds.  A family by-pass trust permits the surviving spouse to hold up to 2 million dollars in trust, fully protected from creditors, leaving the balance to pass tax-free to the children upon the surviving spouse’s death.  In addition to family trusts, there are many other estate tax saving plans available for Complex Estates.  Please contact us for a quote and more information on securing assets for your family through Estate Planning.