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What to expect when facing complicated estate planning

On Behalf of | Dec 16, 2019 | Estate Planning |

At Doehring & Doehring, Attorneys at Law, we understand that complicated estate planning needs tailored, creative solutions. That is why we work with our clients from the formation of an initial plan to the ongoing maintenance and updating that is typically necessary.

While every client is different, there is a relatively standard process. Knowing the general steps could help shape your expectations about approaching a complex estate plan. Please read on for a brief overview.

The first step is typically a consultation. This initial meeting helps us understand general goals for the estate, such as who would receive which assets. Of course, nothing would be set in stone at this point, but these talks would help direct the remainder of the process.

Valuation of the estate is the next step in most cases. This would involve a detailed inventory of the types of assets that you hold or for which you are responsible. If your estate is diverse and complicated, many of these values could change over time. That may necessitate later appraisal, but it does often help to have an initial value figure on some assets.

After we know to whom our clients intend to distribute their assets and the value of their portfolios, we then put this in the context of current laws. For example, we may recommend to transfer certain assets to trust ownership.

The final and potentially most step in the process is setting up a maintenance schedule. We do our best to keep in touch with our clients, especially when there are major changes to tax law or other pertinent regulations, but there is no substitute for ongoing, regular update of critical estate planning documents.

We know that complicated portfolios tend to have components such as business interests, unique art pieces and complex real estate or mineral rights holdings. To learn how we handle these unique assets, please continue reading at our main website.