Estate Planning Attorney Serving Collin County
Lucé Law provides estate planning and asset protection services to individuals in McKinney and across North Texas. As an experienced estate planning attorney assists clients with wills, trusts, business succession planning and other strategies that protect their wishes and the interests of their loved ones. Despite common misconceptions estate planning is not reserved for the rich, and reveals sound judgment on behalf of anyone ready to safeguard their assets.
Lucé Law proudly creates exceptional wills and trusts for our clients. You can rest easy knowing that your assets will be distributed according to your wishes. A complete estate plan begins with a conversation about your personal goals. It is followed by a discussion of pertinent family matters, along with a detailed financial analysis. It does not end until the plan has been fully implemented, from signing documents to re-titling assets and updating beneficiary designations. By looking at the entire picture, your attorney works with you to build a tax-efficient estate plan that maximizes your ability to face events that affect you and your family during life and after death.
An Overview of the Estate Planning Process
Estate planning is the process of setting up a plan for the distribution of your assets after you die, or in the event of incapacitation. While some estate plans can be incredibly complex and involve multiple trusts and healthcare directives, they may only require a simple will. Anyone with assets such as property, savings, investments, a business and personal possessions can work with an estate planning attorney to determine their beneficiaries. And thanks to smart estate planning, it may be possible to reduce tax burdens, minimize court costs, protect assets from creditors – and secure the financial future of your heirs.
Process of Estate Planning
The importance of estate planning cannot be overestimated. Smart estate planning will protect your family, especially if you have children, and ensure your heirs do not overpay on taxes following their inheritance. An attorney will help you throughout the entire process.
The process of estate planning is relatively simple:
- Create a full inventory of what is owned and owed
- Create a contingency plan
- Provide for children and dependents
- Protect assets
- Document your final wishes
- Appoint fiduciaries
The purpose of estate planning is to protect your loved ones after your death.
Digital Estate Planning
Digital estate planning is a relatively new technique added to a tried-and-true system. Essentially, we handle everything to do with your “digital property,” including social media accounts, email accounts, online storage accounts and photo sharing accounts, for example.
Types of Estate Planning
There are a few types of estate planning that you may wish to consider, such as:
- Trusts for Children
- Trusts for Pets and Animals
- Trusts to Benefit Charity
- Trusts to Pass on Family Wealth
- Trusts to Reduce Taxes
- Trusts in Your Will
- Trusts to Pay Funeral Expenses
Available Estate Planning Services
- Revocable Living Trusts
- Durable Powers of Attorney
- Healthcare Directives
- Living Wills
- Irrevocable Trusts
- Charitable Trusts
- Generation-Skipping Trusts
- Family Limited Partnerships
- Gifting Strategies
- Asset Protection Strategies
- Business Succession Planning
- Insurance Planning
Our Estate Planning Services
Clients of Lucé Law have personal requirements that cover a range of estate planning services. From people focused on protecting their assets and minimizing tax to those concerned with the guardianship of their children, we create living documents that can be amended throughout a person’s life. The following services are key to most estate plans.
Estate plans are a simple way to add security and stability over the course of your lifetime. You can never be sure of the challenges you or your family will face, but you can prepare for all eventualities. At Lucé Law, PC we create comprehensive and personalized documents based on asset protection, transfer of property, guardianship, power of attorney and other crucial elements.
Most people put in years of work to acquire real estate, cars and other possessions that make up an estate. But often, they simply don’t realize just how vulnerable their assets actually are. For example, lawsuits, business partner disputes, car accidents, creditor demands and other factors frequently lead to financial ruin. However, an asset protection attorney uses trusts, business entities and more to shield your wealth.
Estate Tax Planning
A well-organized estate plan can reduce the level of inheritance and estate taxes an individual and their heirs will need to pay. Using trusts and other strategies, an estate tax planning attorney determines how assets can be transferred without creating a significant tax burden. Without such a strategy in place, beneficiaries could lose a substantial amount of their inheritance in taxes.
A trust is a legal relationship that allows a trustee to manage assets on behalf of a beneficiary. Using trusts in the estate planning process is important for protecting assets, managing taxes efficiently, as well as avoiding the probate process. With the help of a trust attorney, an individual gains greater control and flexibility over the management of their assets.
Most people don’t start to consider creating a will until later in life. However, making a will is an important step that can be adapted over the years. A living will attorney helps individuals detail how their wealth will be distributed after death, along with other important decisions such as guardianship over their children, charitable contributions, funeral wishes and so on.
How Lucé Law Can Help With Estate Planning
- Provide financial security for your family
- Protect the well-being of young children
- Minimize estate taxes
- Protect privacy and avoid probate
- Give clarity and direction to family members
- Avoid disruption to your business
- Make clear plans for incapacity
- Prevent delays in accessing finances
Common Questions About Estate Planning
There is no set time for creating estate plan updates. Major life changes such as marriage, divorce, having children, or significant changes in assets offer the chance to work with your estate planning attorney on amendments.
Unfortunately, family disputes can often lead to legal challenges to a will. If such issues cannot be resolved during your lifetime, you can ensure your wishes will be carried out by creating a comprehensive estate plan with an experienced attorney.
It is not essential to add medical directives, but they will be important if you face a medical emergency or become incapacitated. Your estate plan can detail power of attorney and medical instructions so your loved ones clearly understand your wishes.