Planning for the Future

Estate planning helps eliminate uncertainties regarding the administration of your estate for your beneficiaries, and also helps to preserve the value of your estate by minimizing, or eliminating, estate taxes and other costs. While estate planning is done with an eye toward the future, there are many noteworthy lifetime benefits to implementing an estate plan, such as guidance in times of incapacity and the peace of mind that comes with knowing your assets will be distributed as you wish and you have provided for your family’s protection and security.  At the Law Offices of Andrew C. Cohen, we provide the following services for our clients:

  • Trusts & Wills – Trusts and wills are the most common estate planning tools, and even the most simple estate plan will generally involve a will and a revocable trust. A will is a document that addresses how your assets will be distributed at your death, and also names the individual who will handle the administration of your estate. You may also designate a guardian for your minor children if you have no surviving spouse.  A revocable trust allows you to place your assets in a trust for your own benefit during your lifetime, with you acting as trustee. A “pour-over” will is used in conjunction with a revocable trust, to ensure that assets which have not been specifically transferred into the trust will be distributed according to the terms of the trust.  Some of our clients also benefit from the use of irrevocable trusts as part of their estate plans.  An irrevocable trust can provide substantial asset protection and tax savings.  We have experience preparing disclaimer trusts, marital trusts, qualified domestic trusts (QDOTs), life insurance trusts (ILITs), grantor retained interest trusts, minors’ trusts, Crummey trusts, spendthrift trusts, and charitable trusts.
  • Probate & Trust Administration – Probate and trust administration can be a stressful experience for families who have lost a loved one.  The Law Offices of Andrew C. Cohen can handle the administration of an estate efficiently and expediently, while ensuring that our clients’ rights and interests are understood and protected.
  • Business Planning – We assist clients in all aspects of business planning, which involves transferring a business to future generations or chosen successors in an organized manner that preserves business assets, takes advantage of available income, estate, gift and generation-skipping transfer tax benefits, and minimizes or eliminates potential tax liabilities. For many family businesses and closely-held businesses, setting up a business entity is the first step to designing a succession plan, and then we may transfer assets to a business or charitable trust for your chosen beneficiaries.

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