Creating an estate plan is essential in protecting yourself, your assets, and your surviving family members. Palmer & Slay, PLLC offers clients in Flowood, Mississippi, estate planning, probate, and long-term care planning services. Our attorneys have extensive experience working with Flowood individuals, families, and small businesses to meet their estate planning goals.
Whether you need legal assistance with a specific estate planning manner or want to create a comprehensive estate plan, Palmer & Slay PLLC is here to help. During your initial consultation, we will take time to understand your unique situation and estate planning goals. Contact the Flowood estate planning law firm at Palmer & Slay, PLLC, today to schedule your initial consultation and learn more about how we can help you.
Flowood Estate Planning Attorneys
Many people associate a last will and testament with the estate planning process. While creating a will is an important step in protecting yourself and your assets, there are many other aspects of estate planning. At Palmer & Slay, PLLC, we use our experience and legal skills to provide many estate planning-based legal services to clients in the Flowood area. Our goal is to help clients plan for their futures in a cost-effective way tailored to their unique situations.
If you’re at the beginning of the estate planning process, you probably have many questions. Taking the time to think about how you would like your assets to be distributed after you pass away is an important first step in creating an estate plan. We understand that thinking about the future can be difficult, and we are here to help you create a comprehensive estate plan to protect yourself and your loved ones. Our attorneys are happy to answer any questions you have while helping you make informed decisions about your estate planning documents.
Will-Based Estate Plans
There are two main types of estate plans: will-based and trust-based. A last will and testament states how you’d like your assets to be distributed after you pass away. For many Flowood residents, a last will and testament is the most effective way to fulfill their wishes after passing. You may include language that creates a testamentary trust as part of your last will and testament. When you pass away, a trust will be created to protect the assets of your beneficiaries.
At Palmer & Slay, PLLC, we can help you draft a last will and testament that is legally valid under Mississippi law and protects your wishes. According to Mississippi law, we can ensure that your will is signed and witnessed properly. Working with an attorney to create your will can help protect your estate against a will contest or legal challenge after you pass away. Additionally, we can help you update your last will and testament if you experience any major life changes or events, such as the birth of a child or grandchild, divorce, or death in your family.
Trust-Based Estate Plans
Many estate planners are choosing to create a trust-based estate plan. A trust is a legal document that protects your assets. Your beneficiaries won’t have to go through Mississippi probate court to access the assets after you pass away. Avoiding the probate court can save your beneficiary significant time and expenses. According to Mississippi Law, the probate court will distribute assets that aren’t transferred into a trust while assets held inside a trust are managed according to the trust documents. Examples of common trusts are:
- Special needs trusts
- Marital trusts
- Spendthrift trusts
- Pet trusts
- Revocable living trusts
- Irrevocable trusts
- Asset protection trusts
- Trusts for minor
- Charitable trusts
The attorneys at Palmer & Slay, PLLC are available to answer any questions about creating a trust. We can review your financial situation and suggest one or more types of trust to protect your assets and meet your needs. For example, if you have an adult child with special needs, we can help you create a special needs trust that allows you to provide your child with money without disqualifying him or her from public benefits.
Probate and Estate Administration Services in Flowood
The probate process can be complex and daunting, especially for those unfamiliar with the probate process. Hiring an attorney can help you meet your legally obligated duties while administrating your loved one’s estate if you have been appointed as a loved one’s executor. At Palmer & Slay, PLLC, we provide a wide range of probate and administrative services for Flowood residents, including legal representation for the following:
- Probate administrators and executors
- Intestacy challenges
- Representing an estate against creditors
- Tax and property claims
- Challenges to the estate administrator
Preparing for the Future with a Long-Term Care Attorney
Another important goal of estate planning is protecting yourself and your assets during retirement. As the cost of living continues to increase, it’s more important than ever to protect your assets as you retire. Many people will need to spend time in a long-term care facility in retirement. Unfortunately, most private insurance policies and Medicare benefits do not cover stays in long-term care facilities. As a result, paying to stay at a long-term care facility could use up most of your hard-earned savings.
The long-term care attorneys at Palmer & Slay, PLLC can help you create a plan that allows you to qualify for long-term care benefits through Medicaid so you can protect your assets for your beneficiaries. We can also help you ensure that you have the necessary durable power of attorney and healthcare power of attorney. These documents allow you to designate a person you trust to act as your decision-maker should you become incapacitated.
Schedule a Case Evaluation with an Estate Planning Attorney
The Palmer & Slay, PLLC attorneys are here to help Flowood residents throughout the estate planning process. We will ask you questions and get to know you so we can provide effective legal counsel. We treat our clients like family members and work with them to create will-based or trust-based estate plans that meet their needs. Our attorneys will also help you update your estate plan when necessary and address any issues that may occur in the future. Contact Palmer & Slay, PLLC, to schedule an initial consultation.