WHY ESTATE PLANNING?
No matter your net worth it is important to have an estate plan in place. A carefully prepared estate plan will provide for your family and your goals after you die. Having a will in place will tell the world what you want done if you can no longer do so. A will provides for the disposition of your assets, protects your family, and can provide for less common provisions such as who is to be named a guardian of your children in the event of your death. These decisions are ones that should be made by the individual, not the Courts after your death. The attorneys at Clark King & Michel, P.C. can give you a voice, even after your gone.
What is Estate Planning?
Estate Planning is the process of determining the distribution of one’s assets upon death. A proper hierarchy in estate planning is:
- Take care of myself while I am alive;
- Take care of my spouse upon my death;
- Ensure that my assets are distributed to my heirs as I desire upon my death and upon the death of my spouse;
- Reduction or avoidance of estate taxes;
- Avoidance of probate
Estate planning can be accomplished through several tools – Wills, revocable trusts, and other more complex planning using credit shelter trusts, qualified terminal interest property trusts upon the death of one’s spouse, irrevocable life insurance trusts and special needs trusts. The number of tools available for estate planning are numerous and their use varies widely, depending on the size of a person’s estate and their goals.
Estate Planning and Agriculture
The attorneys at Greear Clark King, P.C. have an extensive background working with agricultural families in the Big Horn Basin and across Wyoming.
Often the most complex estate planning involves multi-generational ranches and/or farms. Personal knowledge of the issues agricultural families face helps the attorneys at Greear Clark King, P.C. prepare an individualized estate plan that preserves and protects your ranch and / or farm in the event of an unexpected tragedy.