Estate And Trust Planning

Iowa Estate Planning Attorneys

At Phipps Law Office, PLC, we help our clients achieve their goals for the successful transfer of their wealth to their children and future generations. The estate planning services we provide extend beyond the creation of legal documents and encompass a review of how assets are owned, how they are treated upon your death and the tax consequences. We will help you protect your assets and your family by creating an individualized estate plan.

Preparing Comprehensive Estate Plans Designed to Meet Your Needs

We consider and design the estate planning documents that will meet your unique goals and budget. Those documents may include:

A will directs the distribution of your property following your death. An updated will is an indispensable part of any estate plan because it reduces time and fees, and it allows you to nominate a guardian to be in charge of your minor children

Oftentimes, our clients will want the fiduciary powers of a guardian to continue beyond the 18th birthday of a child. The most economical way to continue the financial supervision of guardianship is through the use of a “testamentary trust.”

A living trust is a contract that comes into existence during your lifetime and can be used to hold the title to assets. Assets that are titled to the trustee of a living trust avoid probate and can be administered more rapidly, with more privacy and less legal fees than a probate administration. Living trusts will also provide the same “extended guardianship” advantages as a testamentary trust and can minimize estate taxes.

Oftentimes, clients are concerned about leaving assets to a child who is currently receiving or who may in the future receive benefits from Medicaid, Supplemental Security Income (SSI), or similar “needs-based” governmental programs. To leave money or other property to a child outright can disqualify the child from such benefits. The design of what is commonly known as a “special needs trust” can result in funds being available for certain purposes for the child without the loss of public benefits.

A power of attorney appoints and authorizes another person to act on your behalf if you are unable to do so. A financial power of attorney usually covers financial, business, personal and real estate matters. A health care power of attorney covers medical decisions.

A power of attorney appoints and authorizes another person to act on your behalf if you are unable to do so. A financial power of attorney usually covers financial, business, personal and real estate matters. A health care power of attorney covers medical decisions.

Iowa Trust Planning Attorneys

A trust is a powerful document, but it is not for everyone. Depending on your circumstances a will may be sufficient to meet your needs. We provide experienced legal counsel on all aspects of your estate plan to make sure that your family is protected with the least complicated estate plan. Our services are comprehensive and cost effective.