RI Estate Planning Attorney Jay Bianco
If you’ve amassed a fortune – or, even if you just have a modest savings set aside for your family – estate planning is an essential part of preparing for your family’s financial future. If you’re in the process of preparing for the inevitable, Jay Bianco is the Rhode Island Estate Planning Attorney you can trust.
What is Estate Planning?
The process of estate planning is a bit complex. Proper planning for your estate isn’t just about naming the appropriate inheritors in your will. Rather, proper planning involves a sum total of preparations that take all of which you possess – from your car to your home, to your checking and investment accounts – into consideration before appropriate arrangements are made. Estate planning, then, is not just about putting the appropriate names in the appropriate columns in the will. Rather, proper planning is all about accounting for everything that you’re currently responsible for so that your heirs/inheritors are capable of following your wishes down to the letter.
Why Should You Hire an Estate Planning Attorney?
There are many valid reasons why hiring an estate planning attorney in Rhode Island is a good idea:
- We will be able to advise you on the legal ramifications of such things as naming a guardian for your minor children, and naming an executor for your estate.
- We will be able to help you minimize the amount of taxes your inheritors will have to pay, as well as provide for protections for them in a court of law.
- Finally, we will be able to provide the time and dedication needed to make this ongoing process of planning your estate easier on, and for, you.
Important Elements of Estate Planning
Every person’s estate plan is unique to themselves. A big part of the reason people choose to work with an estate planning attorney is so they can be sure their plan covers everything they want and need it to. That can involve a lot or a little, but most estate plans will have the following important elements:
- Wills and Trusts – No matter how large your estate is, you should rely on a will or trust prepared by and estate planning attorney to guide how it is handled after your death. Both of these documents can help you specify your wishes, bypass legal challenges, and avoid heavy tax burdens.
- Durable Power of Attorney – Hopefully you will never need someone else to act on your behalf as a result of illness or injury. But if you do need to trust your care to someone else, you will want to have worked with an estate planning attorney to assign durable power of attorney privileges.
- Beneficiary Designations – Your will may not outline how all of your assets are divided upon your death. You will want to outline beneficiary designations for things like your 401K account in advance.
- Letter of Intent – This is simply a document communicating your wishes to the executor of your estate or to a beneficiary. These documents can be used to give special instructions or to supplement another document that may be incomplete. An estate planning attorney can help you to determine when and if to use a letter of intent.
- Healthcare Power of Attorney – At the times when you are most in need of healthcare you may be unable to make decisions on your own. This document empowers you to assign decision -making privileges to someone you trust.
- Guardianship Designations – If you have kids who are still in your care, your other estate planning documents may not specify who will care for them and how if you were to pass away. An estate planning attorney can help you ensure your kids are well cared for in any event.
Dangers of Avoiding Estate Planning
There are lots of advantages that come from estate planning. But there are just as many disadvantages that can come from avoiding it.
- Breached Trust – Unless you make specific designations, your estate will not be handled and divided the way you want it to be.
- Increased Fighting – Dividing and estate is a contentious process that can create rifts in families that have not worked with an estate planning attorney
- Higher Taxes – Estate planning is specifically designed to shield you from a higher tax burden than is necessary.
- Massive Confusion – Trying to guess your wishes can be complicated and painful for your family unless you have planned your estate.
Jay Bianco Can Handle All of Your Rhode Island Estate Planning Needs
We understand that you have your choice of attorneys in the Rhode Island area, but choosing to work with Jay Bianco will prove to be the most beneficial. He has over 15 years of experience – and many satisfied clients – in estate law. For more information about Jay, and his services, contact him today to see what he can do for you at 401-206-0098.