How can we help
Resolving your Estate Planning
Renkemeyer Law Firm can advise you on the most recent principals in estate planning. You need a tax attorney to assist you in planning your estate so your family and loved ones will not face the various legal problems and taxes that may otherwise arise upon your death. It is much easier for you to address these issues now, rather than forcing your heirs to address them later.
What we do
Business Succession Planning
Durable Powers of Attorney
Charitable giving issues
Buy / Sell Agreements
Transfer on Death Documents
There are two systems of taxation in our country. One for the Informed and one for the uninformed.
Justice Learned Hand
Us Court Of Appeals
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Read Faq’s To Know More
Q: What is Probate?
A: Probate is the process whereby the court determines what assets are to be passed to which heirs. A deceased person is obviously unable to sign a deed or other transfer document to cause the asset to be transferred to its heir. As such, the probate court’s order serves this function. Any assets legally owned by the deceased person on the day of death must be probated, unless it is titled and owned in a manner that the death of the deceased automatically triggers the transfer of the asset to the heir without further action.
Q: Does having a Will avoid probate?
A: NO. Wills get probated. Having a Will alone does not avoid probate for any assets that pass via the Will. You must have your your assets owned by a trust or other vehicle that causes the assets to transfer automatically by operation of law to the heir.
Q: What is the benefit of a living trust?
A: A living trust contains language that causes the assets owned by the trust to be distributed to the named beneficiaries of the trust upon the occurrence of an event, such as the death of the grantor of the trust. Typically, a husband and wife would have a living trust that provides that they are trustees of the trust until they die, at which time their named children become trustees of the trust as long as they have reached a certain age. The husband and wife can enjoy the assets in the trust during their lives. Upon their deaths, the assets are to be distributed to their children. The trusts are typically fully amendable and revocable during the lives of the husband and wife.
Q: What is the purpose of a durable power of attorney?
A: A durable power of attorney provides the named person having the power, such as your spouse or child, the power to authorize medical treatment for you if you become legally incapacitated in an accident or from whatever cause. If you elect when its being drafted, it can authorize other actions such as taking care of your finances and similar actions. It can be modified or revoked by you at anytime prior to you losing legal capacity. It terminates upon your death.