Estate Planning
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Protect Your Assets and Loved Ones with Estate Planning
Estate Planning is often associated with scary and depressing thoughts, but it shouldn’t be that way. Just like we plan for various milestones in our life, planning for the distribution of our assets after we pass away is equally important. The truth is, we probably already have a general idea of what we’d like to happen to our belongings and who we’d like them to go to. Estate planning simply formalizes these plans in writing, ensuring that our wishes are carried out after we’re gone.
What is Estate Planning?
Simply put, estate planning is the process of planning ahead for your death or disability. It includes instructions for who should receive your property after you pass away, what they will receive, as well as when, and under what restrictions, they will receive it. Good estate planning also takes into account the possibility that you will become seriously ill or injured and will need someone else to manage your financial affairs or medical treatment. Regardless of the circumstances, the goal of estate planning is to make it as easy as possible on your family to deal with your death, injury, or illness.
The Importance of Having an Estate Plan
If you were to pass away suddenly, how would your family survive financially?
It’s not something that we like to think about, but a poorly structured estate plan, or worse, no estate plan at all, could leave your assets, and family, tied up in legal red tape in the event of your death.
What Does Estate Planning Include?
The first document in every estate plan is your Will. This is the document that the Probate Court will use to determine how your property is distributed. It can also be used to nominate a guardian for your minor children, if you have any. An estate plan should also include a financial Power of Attorney and Advanced Directives for Healthcare. These are documents that appoint someone to make financial and medical decisions on your behalf if you are unable. Your estate plan may also include a living trust, which we will discuss and decide on once all the intricacies of your estate, family, etc. are discussed..
How Much Does Estate Planning Cost?
The cost of estate planning varies, based on on the complexity of your estate and what you would like to accomplish. We charge a flat fee for our estate planning services. We believe this is the best for you because it allows you to budget and plan for the cost. It is also the best for us, because it allows us to spend time with you, develop a plan and answer your questions, without you wondering how much each question or phone call will cost. Hourly billing can lead to unexpected costs that are more than expected. With a flat rate, the risk of going over the original estimate is on the us — not you.
We typically charge $800 for an individual simple will package and $2,500 for an individual living trust package.
If your situation needs more complex planning for estate tax avoidance or medicaid protections, those are cost more and can be discussed in our meetings.
Thomas B. Kane
Tom is an experienced attorney specializing in Estate Planning and Probate Administration. He is approved by major lending institutions and has been a partner at the firm since 2001. He has extensive experience in the field and is a member of various legal associations. He holds a JD from Western New England University School of Law and is admitted to practice in Connecticut and the U.S. District Court.
Tom is a member of, and Past President of the Glastonbury Rotary Club, a former member of the Town of Colchester Board of Finance, a member of the Colchester Democratic Town Committee and a former member of the Glastonbury Jaycees. He was previously the Vice Chairman of the Colchester Planning and Zoning Committee. He is a member of the Connecticut, Hartford County and Glastonbury Bar Associations.
It’s never too soon to start estate planning
Frequently Asked Questions
Do I need a Trust?
Maybe. Maybe not. Trusts are a great tool, but they are expensive to create, and time consuming to manage. If you need one, they are invaluable, but if not, they are a waste of time and money. During our consult, we can discuss the need for a trust, the benefit of it and the cost. And only after you understand why you should have one, and the costs of creating it, will we do one.
Why is estate planning important?
Estate planning is important because it helps you ensure that your wishes are carried out and that your loved ones are protected. It also helps minimize taxes, court costs, and other expenses.
Who should do estate planning?
Estate planning is important for anyone and everyone. Anyone who wants to control the distribution of their assets after they die. This includes individuals of all ages, regardless of the size of their estate.
As Estate Planning also can designate Guardians for Minor children, anyone with minor children should do estate planning to ensure the right people would be selected to raise the children if something happened to them.
What are the key elements of estate planning?
The key elements of estate planning include creating a will or trust, selecting beneficiaries and guardians, determining how assets will be managed and distributed, and minimizing taxes, court costs, and other expenses.
We are very happy with the expertise and experience of Tom B. Kane. He is very knowledgeable, practical, patient and takes the time to hear you. We reached out to him for estate planning. He was readily available for consults and replied to emails very promptly. His staff is very professional, prompt and polite. The entire process was smooth, clear and stress free.
I would recommend him to family and friends.
We recently had some estate planning documents prepared by Tom. He and his staff are just outstanding to work with. Tom explained every step of the process and answered all of our questions thoroughly. He made a complex plan clear and understandable. If you are looking for a legal team that is knowledgeable, caring, and an absolute pleasure to work with, look no further than KHK!
The team at KHK did 3 real estate closings and 2 estate plans for us over the past year and all were handled exceptionally. They had experience with every quirk that arose and handled it with ease and professionalism. A great team that makes you feel like members of the family!
Start Planning For A Secure Future With This Informative Estate Planning E-Book
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Estate Planning E-Book
Discover the essential steps to creating a comprehensive estate plan that protects and provides for your loved ones, and sets up a safety net for your financial decisions and medical care. This comprehensive guide covers everything from what is in a Will and the other documents needed and offers practical tips and strategies for ensuring a smooth and stress-free estate planning process. Whether you’re just starting to think about estate planning or have been putting it off for too long, this E-Book has everything you need to make an informed decision.
