Estate planning aims to protect your wealth and transfer it to your loved ones. One of the most important benefits of creating a comprehensive estate plan is to protect yourself and your loved ones. Every estate plan should also include legal documents related to end-of-life health care. Estate planning may also reduce your tax liability. Whether you want to create a comprehensive estate plan or have questions about a specific estate planning matter, the East Jackson attorneys at Palmer & Slay, PLLC, are here to help.
When you work with our East Jackson estate planning attorneys, you can rest assured that we will help you create a comprehensive, legally enforceable estate plan that meets your goals. Contact Palmer & Slay, PLLC today to schedule a case evaluation and learn more about our estate planning services.
Comprehensive Estate Planning Attorneys in East Jackson
Creating an estate plan protects individuals, their assets, and the beneficiaries who will inherit their assets. A well-drafted estate plan tailored to the client’s needs and goals can have many benefits, including asset protection and peace of mind. Working with an attorney can help you ensure that all of your estate planning documents work together so your estate plan can accomplish your purpose.
The legal team at Palmer & Slay, PLLC doesn’t use cookie-cutter questionnaires and forms when helping clients create comprehensive estate plans. We take the time to get to know our clients so we can identify their goals and unique challenges and then work on creating a comprehensive estate plan that meets their unique needs.
You may benefit from a simple will-based estate plan depending on your unique situation. Implementing a trust-based estate plan could be more beneficial for others. In addition to addressing the transfer of your assets to your beneficiaries, your estate plan should include protection for end-of-life care and retirement.
Estate Planning for Businesses
Many small businesses do not have any estate plan, which can create complications when the business owner passes away or becomes incapacitated. Suppose you are part of a family business. In that case, Palmer & Slay, PLLC can help you create a business succession plan that will allow your business to remain profitable and operational if you can no longer manage the business.
Creating a Last Will and Testament in Mississippi
A last will and testament is a legal document that sets forth how an individual would like his or her estate to be distributed upon his or her death. There are laws governing the drafting and enforcement of wills in Mississippi. Additionally, the person creating the will needs to be of sound mind. Taking the time to create a last will and testament can clear up confusion and ensure that your wishes are enforced after you pass away.
If you pass away without a legally valid will, a Mississippi probate court will decide how to distribute your assets based on Mississippi’s intestacy laws. As a result, a person you may not have wanted to receive your assets could inherit your estate. The attorneys at Palmer & Slay, PLLC, can work with you to draft a comprehensive and legally enforceable will. We can also help you update your will if you’ve experienced a significant life change.
The Benefits of a Trust-Based Estate Plan
Many East Jackson clients utilize one or more trusts as part of their comprehensive estate plans. Trusts are legal documents that allow clients to transfer their assets to a trust which will be overseen and managed for the benefit of the beneficiaries by trustees chosen by the client. Creating a trust allows you to help your beneficiaries receive the assets in the trust quickly after you pass away or protect them long-term so that a beneficiary receives the maximum benefit. They won’t need to go through the time-consuming and expensive probate process after their death with certain types of trusts, such as revocable trust.
There are many types of trust, each of which addresses a specific need or goal. Revocable living trusts take effect immediately if they are administered and appropriately funded. You can still manage the assets in the trust during your lifetime and appoint a successor trustee who will manage the assets in the trust after you pass away. Irrevocable trust offers more significant estate tax savings and Medicaid planning strategies. The attorneys at Palmer & Slay, PLLC have experience creating and managing a wide range of trusts in Mississippi, including the following:
- Special needs trust
- Charitable giving trust
- Life insurance trust
- AB trust (marital trust)
- Personal residence trust
- Qualified Terminable Interest Trust (QTIP Trusts)
- Pet trusts
- Trusts for minors
- Spendthrift trusts
Estate Administration and Probate Service Attorneys
If you’ve been appointed executor of your loved one’s estate, you may find the process intimidating and complex. Working with an attorney can help you fulfill your legal duties while administering your loved one’s estate. Similarly, if you’ve been appointed as a trustee, we can help you fulfill your duties to manage the assets in the trust for the benefit of the beneficiaries. Conflicts can arise during the administration of a person’s estate in both will-based and trust-based estate plans. Contacting an attorney can help you protect your rights.
Long-Term Care East Jackson Attorneys
Engaging in long-term care planning is one of the most important aspects of estate planning. Most of us will need to enter a long-term care facility at some point in our retirement. Nursing home fees can drain a person’s estate assets without a long-term care plan. An estate planning attorney can help you remain eligible for Medicaid, which provides long-term care benefits while protecting your assets, and can also help you create a durable and healthcare power of attorney.
Discuss Your Case with an East Jackson Estate Planning Attorney
The laws related to estate planning, trust, and advance care planning can be confusing and change frequently. The East Jackson estate planning attorneys at Palmer & Slay, PLLC stay up-to-date on all relevant laws that can affect your estate plan. We regularly help clients with legal matters related to wills, trusts, estate administration, and long-term care planning. Don’t hesitate to contact Palmer & Slay, PLLC to discuss your estate planning needs and goals.