Trusted Estate Planning Attorney
For 20 years, attorney John Collins has been preparing a full range of simple, routine and complex estate plans for his clients. During those years of practice, Mr. Collins has represented estate planning clients at various wealth levels and from many different walks of life. Mr. Collins has substantial experience designing intricate, tax-saving estate plans and trusts; however, he also has the experience and understanding to handle estate planning for clients of modest wealth who do not need or want complicated plans. When possible, Mr. Collins prefers to take a team approach to a client’s estate planning, where the client’s other professional advisors (such as financial planners, accountants and life insurance agents) participate in the planning process.
Estate Planning, Generally
At its most basic level, estate planning involves making legal arrangements so that your wealth and assets pass at your death in an intentional, designed way. Estate planning also usually includes related concerns, such as designating the right persons or institutions to help fulfill your wishes and follow your directives after your death or your incapacity. Depending on your circumstance, estate planning sometimes also includes other important components, such as: (1) lifetime gifting and the effect of such gifts on your overall estate plan; (2) planning for the expense of long-term care in a nursing home or assisted-living facility (sometimes called "Medicaid planning"); (3) planning for the inheritance of a “special needs” family member who is disabled and who is receiving (or who may later be entitled to receive) Medicaid, Supplemental Security Income (SSI) or other means-tested government assistance; and, (4) implementing a prenuptial agreement in connection with a marriage or re-marriage. Tax considerations also frequently arise in estate planning. Income and estate tax laws change frequently, with a corresponding impact on estate planning strategy.
Conventional vs. Advanced Estate Planning
In both Indiana and Illinois, conventional estate planning typically involves the preparation and implementation of various basic legal documents, such as a will, a revocable trust, a power of attorney and a health care representative appointment, along with implementation of correct and corresponding beneficiary designations for assets like retirement plans and life insurance. Sometimes, however, it is appropriate to go beyond the conventional to the more advanced. In such cases, more advanced estate planning frequently involves the preparation and implementation of specific types of irrevocable trusts or asset-protection trusts. More advanced planning also frequently involves the creation and use of business-entity structures, such as a family limited liability company or partnership.
Review or Change Your Existing Estate Plan
Family concerns and changes in family dynamics also frequently arise in estate planning. A recent or impending divorce, death, marriage or re-marriage in your family can easily create a need for a review of or change in your estate plan. Additionally, the existence of a disgruntled family member can impact your estate plan and can necessitate a change in your strategy. Tax law changes may also easily create a need for review or change in your estate plan. With the fast pace of changes in today's world, Mr. Collins generally recommends his clients review their estate plans once every three years to determine whether changes are appropriate, given periodic changes in family, assets, income and tax laws.