Families in South Dakota and everywhere else are unique.
That is perhaps the foremost point that needs spotlighting in any discussion or overview of the estate planning process. No two families have the same assets, goals linked with asset preservation or lawful tax avoidance, desires for heirs and beneficiaries in the future, charitable aspirations or intergenerational legacies. Consequently, one-size-fits-all boilerplate planning in the estate realm is flatly nonsensical.
Indeed, what avails is tightly tailored legal representation producing on-point and enduringly relevant documents and instruments that seamlessly promote key goals both presently and in the future. Proven estate planning and administration attorneys routinely apply themselves to that task for diverse and valued clients, through myriad strategies.
Applicable trust selection and creation often plays a central role in the process, for strong and varied reasons. Trusts are impressively flexible legal tools that powerfully assist legions of planners in their estate-linked strategies. One in-depth online overview of trusts notes that they “can replace or supplement wills, as well as help manage property during life.”
That is not all they can do. A well-crafted trust can also promote these key planning goals:
- Provide for loved ones with special needs
- Retain decision making powers for the trust creator (often termed grantor) during his or her lifetime
- Ensure that desired goals are secured concerning future generations
- Minimize and sometimes completely eliminate tax obligations
- Avoid the time-consuming, uncertain and sometimes costly process of probate
- Promote privacy interests
We duly note on our website at the established estate planning Krause Law Firm in Sioux Falls that, “Our attorneys have extensive experience creating a variety of trusts.”
We welcome contacts to the firm and the opportunity to discuss the diligent and impassioned estate planning representation we do on behalf of South Dakota individuals and families.