Trust, estate planning, probate and elder law deals with comfort and security; the comfort and security clients take from knowing their assets will be available to satisfy their care and needs during life, and knowing their assets will pass as they intended. Because each client’s assets are different, and each client’s needs are different, trust, estate planning, probate, and elder law requires individual solutions for individual clients.
Revocable, living, grantor trusts are designed to allow persons complete and total control over their assets during their lives, and for their assets to pass to their heirs or beneficiaries without need of a court probate on their deaths. To accomplish these objectives, Mohr Hackett utilizes both traditional trusts as well as today’s more sophisticated trusts, such as guaranteed remainder annuity trusts (GRAT), guaranteed remainder income trusts (GRIT), charitable remainder unitrusts (CRUT), qualified subchapter S trusts (QSST), qualified personal residence trusts (QPRT), qualified terminable interest property trusts (QTIP), irrevocable life insurance trusts (ILIT), and charitable remainder trusts (CRT), among others.
Because most persons are not well versed in trust administration, Mohr Hackett stands alongside its clients, assisting them in the management and administration of their trusts. Mohr Hackett clients receive more than paper documents on the completion of their trust. Mohr Hackett clients have regular and continual access to lawyers who can assist them with the management, operation, and administration of their trusts.
Because the estate (inheritance) transfer taxes are constantly changing and evolving, estate planning at Mohr Hackett involves the combination of planning for asset transfers after death with planning to minimize the impact of estate (inheritance) transfer taxes on death. For many clients, determining when their heirs receive assets, and how their heirs receive assets, is just as important as determining which assets their heirs are to receive. By utilizing more sophisticated drafting techniques, Mohr Hackett is able to satisfy client needs respecting all such asset distribution issues. In doing so, Mohr Hackett utilizes the best available approaches and techniques to minimize the estate (inheritance) transfer taxes so clients’ heirs may receive more of the clients’ estates.
Mohr Hackett does not overlook attendant client needs, such as durable powers of attorney, powers of attorney for health care, powers of attorney for mental health care, and living wills. These collateral documents provide additional comfort and security to Mohr Hackett clients, because they know their personal interests, as well as their financial interests, have been attended to.
For many, estate planning means estate tax planning; the planning by which the estate (inheritance) transfer tax is reduced to its barest minimum. Mohr Hackett utilizes various forms of trusts and planning techniques so clients may take full advantage of the allowed estate tax credits and exemptions. Depending on a given client’s circumstances, these may include tax credit shelter trusts or other alternatives to allow not just the first to die, but both spouses, to take full advantage of all such allowable credits and exemptions. Such estate (inheritance) transfer tax planning also may include use of various charitable trusts or generation-skipping trusts to reduce a client’s net taxable estate. Mohr Hackett assists clients with the reduced estate tax values allowable to family-owned and operated businesses, as well as the deferral of estate tax payments derived from the transfer of such family-owned and operated businesses, alongside applications of valuation freeze techniques which shift future appreciation away from clients’ taxable estates. Similarly, Mohr Hackett creates educational trusts for children and grandchildren, as well as preparing prenuptial or pre-marriage agreements to protect clients’ existing assets.
Persons who pass away without having placed their property into a revocable, living, grantor trust, leave an estate requiring administration pursuant to the probate court and its rules. Mohr Hackett represents personal representatives appointed or named to administer such estates and distribute the assets to the named or at-law heirs. Probate proceedings occur under the jurisdiction of the probate court, and Mohr Hackett lawyers have great experience practicing before the probate court. In addition, Mohr Hackett represents clients involved in probate or estate disputes; both in the litigation of such disputes as well as the out-of-court settlement of such disputes, including the drafting of settlement agreements.
As the number of Americans over age 65 continues to grow, elder law becomes a more important practice area. The longer people live, the more they are concerned about their individual comfort and security for the remainder of their lives. Mohr Hackett clients want to retain the quality of life they have built and communicate their wishes to their family by means of various documents. Such communications further the comfort and security sought by our clients allowing family members to fulfill guardianship or conservatorship duties.
While Mohr Hackett has considerable guardianship and conservatorship experience, guardianship and conservatorship is not reserved to the elderly. Mohr Hackett represents persons appointed as guardians and/or conservators for great many reasons: physical or mental disabilities or handicaps, and mental challenges, among others. Guardianship and conservatorship proceedings are under the scope of the probate court. Because Mohr Hackett lawyers have great experience in probate court, they can readily assist clients seeking to serve as guardians and/or conservators for their loved ones.
By bringing business and tax law skills to trust, estate planning, probate and elder law, Mohr Hackett is able to provide “big picture” solutions to specific client needs.