Estate Planning and Tax Planning Solutions
After a lifetime of accumulating assets and wealth make sure those assets and wealth are passed to the right people, in the most expeditious manner and with minimum taxation.
The experienced lawyers of Wade, Friedman & Sutter, P.C. provide practical advice for the management of your estate in the event of your incapacity and the smooth transfer of property in the event of your death.
Wade, Friedman & Sutter, P.C. provides sophisticated but affordable estate planning to individuals, couples and small business owners throughout Alexandria, Arlington County, Fairfax County, Loudoun County and Prince William County, and Northern Virginia. Contact us today to arrange a free initial consultation.
Estate Planning Essentials
Regardless of the size of your estate, certain documents need to be in place to protect your interests and your family:
- A will to declare heirs and direct the distribution of assets
- Powers of attorney for financial and legal affairs, and for health care decisions
- An advance medical directive to dictate your wishes about end-of-life care
- Appointment of guardians and trustees for your minor children
Trusts and Advanced Estate Planning
Experienced attorney Foster S. B. Friedman is extensively familiar with trust planning, including trusts to protect assets of a family-owned business. If your total wealth exceeds $2 million, Wade, Friedman & Sutter, P.C. can help take advantage of federal estate tax exemptions to avoid or minimize the tax consequences to your heirs. Tax planning is a moving target because Congress routinely adjusts the taxation threshold, sometimes retroactively.
Wade, Friedman & Sutter, P.C. can construct many types of credit shelter trusts, or bypass trusts, to maximize asset protection. We can also assist with the creation of charitable remainder trusts, special needs trusts for an adult disabled child, and revocable living trusts.
Wade, Friedman & Sutter, P.C. also assists with probate and estate administration.
Draft or Update Your Will
The key to drafting a good will is to cover the possible eventualities. (What if your spouse or children precede you in death? What if you need to go into a nursing home?) Prior to meeting with our lawyers, you should:
- Inventory your assets — List all of your real estate and personal property, life insurance policies and retirement plans, with your best assessment of their values.
- Inventory your liabilities — List all debts and obligations, including principal amounts, payees and essential terms.
- List your family members and any other persons whom you wish to participate in your estate — Decide who might be an appropriate executor, trustee or guardian for your children.
- Decide what you want to accomplish — Determine what your objectives are, and to whom you wish your assets distributed.
Call us today at 703-836-9030 to schedule a free estate planning consultation.
