Social Security and Medicaid
Office on Aging
Individuals and couples undertake estate planning for several reasons: to provide for their loved-ones after their death, to enable smooth transitions of the ownership of their property and assets, to minimize tax exposure, and to establish charitable gifts to contribute to the enhancement of the social fabric for the indefinite future. At Wallace & Kling, P.C., we work with clients to clarify their goals, understand their legal options, structure estate plans, and draft documents to meet their needs.
Often, the estate planning process is as simple as an initial meeting with either Celeste Kling or Nancy Wallace and the client(s) and the client’s signing of a will at a second appointment. In more complex cases, the documents may include trusts, powers of attorney, deeds, marital agreements, establishment of limited liability partnerships or companies, and/or other documents. As part of our estate planning process, we offer clients medical powers of attorney and living wills at no additional cost.
Note: Comprehensive estate planning involves the issue of non-probate assets (assets that are transferred by joint tenancy title, beneficiary designation, or funded living trust) as well as probate assets (assets that are transferred by intestacy laws if you do not have a will, and by will if you do have a will). As part of the overall estate plan, clients should anticipate discussing with their attorney the transfer of both non-probate and probate assets.