What is the difference between a will and a trust?

A will is a legal document that outlines how your assets will be distributed after your death. A trust, on the other hand, can manage your assets during your lifetime and distribute them after your death without going through probate.

How often should I update my estate plan?

You should review your estate plan every 3-5 years or after significant life changes, such as marriage, divorce, the birth of a child, or a major financial event.

Can I do my own estate planning?

While it’s possible to create a basic will using online templates, complex estate planning requires legal expertise. Working with an attorney ensures that your plan complies with state laws and addresses all of your needs.

How much does estate planning cost?

The cost of estate planning varies based on the complexity of your plan. On average, a comprehensive estate plan costs between $1,000 to $5,000.

Is estate planning only for the wealthy?

No, estate planning is essential for anyone who owns property, has children, or wants to ensure their healthcare wishes are followed in case of incapacity.

Estate Planning

Estate planning is one of the most important steps you can take to secure your family’s future. Whether creating a will, setting up a trust, or planning for long-term care, having a solid estate plan can provide peace of mind and protect your loved ones.

At Douglass & Runger, we specialize in helping Memphis families with their estate planning needs. Contact us today to schedule a consultation and take the first step in safeguarding your legacy.

What is Estate Planning?

Estate planning is the process of arranging how your assets will be managed and distributed after your death or incapacitation. An estate plan includes legal documents such as a Will, Power of Attorney, and Trusts. Estate planning also encompasses strategies to minimize taxes and provide for your loved ones.

By creating an estate plan, you can:

Ensure your assets are distributed according to your wishes.
Avoid family conflicts over your estate.
Minimize estate taxes and legal fees.
Appoint guardians for minor children.
Plan for incapacity or end-of-life care.

Essential Documents in Estate Planning

Your estate plan should include the following critical documents:

A Will outlines your wishes for how your property should be distributed upon your death. It also names guardians for minor children and specifies how debts and taxes should be handled.
A Trust allows you to transfer assets to beneficiaries without going through probate. It also provides greater control over how and when your assets are distributed.
A Durable Power of Attorney grants someone the authority to handle your financial matters if you become incapacitated.
Advance Health Care Directive, also known as a living will, this document outlines your wishes for medical treatment in case you cannot communicate them.

If you need help drafting or updating these documents, our experienced estate planning attorneys at Douglass & Runger can assist you.

Understanding the Costs of Estate Planning

Estate planning costs can vary widely depending on the complexity of your needs and your attorney’s expertise. Some common expenses include:

A basic Will may cost a few hundred dollars, while more complex estate plans can cost thousands.
Setting up a Revocable Living Trust or other types of trust typically costs more than a simple Will.
Attorney fees for estate planning vary based on location and the complexity of your estate. On average, you might pay between $1,000 to $5,000 for comprehensive estate planning services.

While these costs might seem high, the peace of mind that comes from knowing your loved ones will be taken care of is priceless. Also, proper estate planning can save your family from costly probate fees and legal battles.

Are estate planning fees tax deductible?

Generally, estate planning fees are not tax deductible, but certain legal fees related to managing or preserving income-producing property may qualify for deductions. Contact us to learn more about how estate planning costs might impact your taxes.

Benefits of Working with an Estate Planning Attorney

While DIY estate planning kits and online templates are available, working with an experienced estate planning attorney offers several advantages:

Estate planning attorneys understand Tennessee laws and can provide personalized advice based on your situation.
An attorney can help you think through potential issues you might not consider on your own, such as planning for incapacity, selecting the right trustees, and addressing complex family dynamics.
A properly drafted estate plan reduces the chances of your Will or Trust being contested in court.

At Douglass & Runger, we offer tailored estate planning services to clients in Memphis and surrounding areas. Whether you need help with a simple will or a complex trust, our attorneys will guide you through every step of the process.

Estate Planning for Families and Special Situations

Estate planning is not a one-size-fits-all process, especially when families have unique needs. Here are some special situations that may require additional planning:

Estate planning for blended families can be complicated, especially when trying to balance the needs of biological children, stepchildren, and a new spouse. We can help you create a plan that honors all your loved ones.
As your parent’s age, ensuring their assets are protected, and their healthcare wishes are honored is essential. Elder law and MedicAid planning are critical components of estate planning for seniors.
Estate planning for business owners involves succession planning, ensuring that your business continues smoothly after your death or retirement. A family-limited partnership can help you transfer business interests to the next generation while minimizing taxes.

Advanced Estate Planning Tools

You might need to consider more advanced estate planning tools if you have significant assets. These include:

There are different types of trusts, from irrevocable to charitable trusts. Each type serves a specific purpose. We can help you choose the right trust for your situation.
Family limited partnerships: This tool allows you to transfer business interests and assets to family members while minimizing taxes and maintaining control.
Joint tax and estate planning seminars: Consider attending one of our seminars to learn about the intersection of tax planning and estate planning.

Contact Douglass & Runger Today

Estate planning is not something to put off. The sooner you create or update your estate plan, the sooner you can rest easy knowing your legacy is protected. Contact Douglass & Runger today to schedule a consultation with one of our experienced estate planning attorneys in Memphis.