estate

Estates & Trusts

The importance of estate planning is often overlooked. Currie & McLain, P.S. works closely with your estate attorney in the preparation of estate plans and trusts to help minimize the amount of tax your estate will have to pay when you die. One of the most important benefits of estate planning is the ability to name your heirs, specify the amount of your estate they will receive and determine the manner and timing of when they receive it. If you do not make any provisions for the distribution of your estate before you die, your estate could be distributed according the state’s “intestate succession” statutes. In order to minimize estate taxes and have your wishes fulfilled, it is important for everyone, no matter what your estate value is, to plan before their death.

Estate and succession planning is especially imperative for business owners. Usually a business is a large part of a person’s estate, and it’s important to plan ahead so that the business maintains its maximum value while generating the least amount of taxes. With family businesses, succession planning can be especially complicated because of the relationships and emotions involved—and because many families are not comfortable discussing topics such as aging, death, and their financial affairs.

Some steps we will take during the planning process:

  • Determine the estate tax burden on the estate as it is presently structured.
  • Read the existing wills and trust documents and offer suggestions for changes to minimize taxes and help clients achieve their goals.
  • Work closely with our clients and their professional team of attorneys, insurance, investment advisors, etc.
  • Help establish a value for your business, and review its structure.
  • If appropriate, meet with families to explain the structure and goals.