Trusts & Estates
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Trusts and Estates
Plan for the Future With Our Trust and Estate Attorneys
No one knows what the future holds, but with help from the legal team at Farhang & Medcoff, you can move forward confident that you are fully prepared. Our trust and estate attorneys works with business owners and individuals on estate plans and trusts both simple and complex. No matter what your concerns are (e.g. to maximize charitable gifts, protect your assets from creditors, or minimize the tax burden for your heirs), we’ll develop a comprehensive estate plan that fits your needs.
When to Begin the Process
The future is unpredictable. Although everyone hopes to live a long, healthy life, none of us knows when an estate plan will be needed. It’s best to meet with our trust and estate attorneys as soon as possible if you do not yet have a comprehensive estate plan or you need to make modifications to your existing plan. Financial advisors and attorneys generally recommend that every individual make an estate plan once they reach 18 years of age. Estate planning is particularly essential if any of the following apply:
- You want to specify your medical preferences in the event of incapacitation.
- You have minor children.
- You own a business.
- You have substantial assets.
- You’re married or remarried.
- You have a pet. (You can make arrangements for the care of pets in your estate plan.)
Components of a Comprehensive Estate Plan
Our trust and estate attorneys develop fully customized estate plans for our clients. Although your estate plan may look a little different, the basic components are as follows:
- Will
- Trusts
- Durable power of attorney
- Beneficiary designations
- Letter of intent (for a personal representative or beneficiary regarding particular assets, special requests, or funeral arrangements)
- Healthcare power of attorney
- Guardianship designations for minor children
You may also need to arrange for various insurance products. For example, we strongly recommend to our clients that they consider purchasing long-term care insurance. Life insurance and a lifetime annuity may also be good choices for you.
Types of Trusts We Can Establish for You
Trusts serve to protect assets and govern their use and distribution. Trusts may go into effect either after death or during an individual’s lifetime. Wills and trusts work hand-in-hand to plan for the future of your assets. The trust and estate attorneys at Farhang & Medcoff can set up any type of trust allowed by law. These types of trusts include the following:
- Revocable living trusts
- Irrevocable trusts
- Life insurance irrevocable trusts
- Minor trusts
- Charitable trusts
- Spendthrift trusts
- Dynasty trusts
- Domestic asset protection trust
- Special needs trust (for loved ones with disabilities)
Consult Our Trust and Estate Attorneys
The trust and estate attorneys at Farhang & Medcoff take a strategic, proactive approach to estate planning for our clients. No matter how complex your particular situation is, we’ll develop a visionary solution that plans for the future in accordance with your wishes. Contact us today to schedule an appointment with our trust and estate attorneys in Arizona.
