You work over a lifetime and accumulate property and possessions that make up your estate, with significant monetary and/or emotional value. If you want to determine how your estate will be divided and to whom your assets will be distributed, you must create a legal estate plan. If you do not, your possessions will pass through the court system and be distributed according to state law.
Creating A Customized Estate Plan
At the Law Office of George E. Foote, P.C., we will work with you to develop a personalized estate plan that incorporates the essential components, provides for maximum asset protection and allows for the greatest tax advantages.
Your estate planning needs will vary depending upon your unique situation. Common estate planning instruments include:
- Trusts: marital trusts (credit shelters), QTIP, QPRT, irrevocable trusts, revocable trusts, living trusts, life insurance trusts, realty trusts,
- Powers of attorney,
- Health care proxies
- Living wills
- Homestead declaration: this allows you to protect your principal residence from creditors
Minimizing Your Tax Liabilities
A major concern for many individuals is the amount of taxes that will be paid from their estate. Estate taxes, sometimes referred to as death taxes, can take up a significant portion of your assets. With an advanced degree in taxation, attorney George E. Foote clearly understands the tax implications of the various estate planning instruments. He can make recommendations to protect your assets and minimize your tax liabilities. He also prepares personal, fiduciary and business income tax returns for his clients.
Contact Us Today
For more than 40 years, the Law Office of George E. Foote, P.C., has been serving the estate planning and probate administration needs of Massachusetts residents. Our office is conveniently located close to the Lexington Center. Our normal business hours are 9:00 a.m. to 5:00 p.m., Monday through Friday. Please contact us online to discuss your legal concerns with an experienced estate planning lawyer.