What you put on paper will best determine what happens to your real and personal property after you are gone.
An Estate Plan is a legally written document that explains how you want your assets divided upon your death. The Court does not recognize oral statements or promises to give property at your death. There are written requirements that must be followed to the letter of the law. We will draft and devise your estate plan to help you prepare an estate plan that sets out your directives for the distribution of your assets to your family and friends. Our clients range from younger couples with young children to people in their golden years wanting to protect what they have spent a lifetime building. Our focus is on a practical and systematic approach to protect them from current threats as well as leverage future opportunities. We help our clients garner the necessary information to preserve our clients’ assets for themselves and their future generations.
A will is a legal document drafted and executed in accordance with Mississippi law that defines exactly how you want your assets to be distributed after you die. You can changed it any-time you want to be sure it is up to date with your wishes, but become unchangeable at your death.
Living trusts constitute our core responsibility. We seek to understand and tailor our trust plans to the specific needs and life situation for each client. These plans encompass more than a basic one-size-fits-all approach, rather we transition to an advanced tax planning, asset protection approach for heirs and assets of the estate. This may include protection for children, spouses, businesses, and a wide array of special needs for each given circumstances of a client.
Life Insurance Within a Trust
A little-known fact is that any significant amount of life insurance is usually wasted without an appropriate trust. A pertinent reality is that without correct planning most individuals with significant holdings, or larger policies holding life insurance, will lose approximately forty cents of every dollar of life insurance upon their death. Clients may retain a larger share of their holdings with appropriate planning. Oftentimes, we may structure trusts which will allow a spouse who receives life insurance proceeds to benefit from the use of said funds during his or her lifetime, tax-free, and then have such funds benefit the children and future generations estates, tax free as well. The policy includes second-to-die life insurance is another option to reduce tax expenses.
Someone who dies without a will or an estate plan takes the risk that their property will not be distributed in a way in which they choose. Rather, they leave it up to the Court to decide how the property should be divided. However, if a will is in place, the Court will distribute the assets to the beneficiaries named in the will. The Court does not recognize oral statements or promises to give property upon death.
Hughes Brown, PLLC will draft and devise your estate plan in accordance with your wishes. We are in practice to help you prepare an estate plan that sets out your directives for distribution of your assets to your family and friends.
Our clients range from younger generations with young families to clients in their Golden Years who want to make sure that their future generations are taken care of. Our focus is on a practical and systematic approach to protect them from current threats as well as leverage future opportunities. We help our clients garner the necessary information to preserve our clients’ assets for themselves and their future generations.
Powers of Attorney
We prepare all types of powers of attorney, including financial powers of attorney and durable powers of attorney for healthcare (also sometimes called advanced health care directives or living wills).
Durable Power of Attorney for Finance
If you become incapacitated, it is important to have the following questions already answered. Who will be selected to make difficult decisions regarding your finances? What powers and responsibility will that person have over your finances? A variety of professionals from stockbrokers, banks, real estate professionals, etc. recognize the Durable Power of Attorney for Finance as a document that accurately reflects your wishes, as they should be followed. This preserves your intention for funds and assets as it pertains to real property, payment of bills and debts, and any other aspects of your financial life.
Durable Power of Attorney for Health (Advance Medical Directive)
In the event you become unable to direct your health decisions, who will be cognizant of your beliefs and wishes? Who will run your business? Who will make your medical decisions should you become incapacitated? End-of-life decisions and significant health decisions require a well thought out conversation to ensure the proper person will adhere to your wishes. This written document is recognized by doctors and hospitals and is one of the most important documents you will ever sign. A written document setting forth such directives is recognized, provided it is signed, and will ensure the expression of your wishes is followed.
Probate & Trust Administration
If a loved one dies with a trust in place, no court process or probate is needed. The trust assets are administered by the person designated in the trust document (trustee). Hughes Brown, PLLC will help navigate the trustee through trust administration from beginning to the final distribution of assets to the beneficiaries.
We handle both simple and complex probate and trust administrations. Whether the deceased individual has a trust, left a will (“testate”), or did not leave a will (“intestate”), we work with you to navigate the required steps. This includes both inside and outside the probate process.
If a dispute arises between heirs and beneficiaries, our experience in transaction and litigation work helps us to better serve our clients and resolve such a contest. These matters are particularly challenging, as the loss of a loved one can create a catalyst for the highly charged emotional issues which accompany the process. We understand the legal and emotional intricacies, and work to resolve potential contests to ensure inheritance may be distributed free and clear to any beneficiaries of an estate.