Estate Planning

At Emmanuel, Sheppard & Condon we understand what issues are important in the long-run: reducing tax burdens, protecting the principal of an estate while allowing for growth, and making sure business and personal interests are coordinated. Since every family and every plan is unique, our attorneys provide personalized advice to suit each client's needs. Our willingness to work closely with our clients along with our tax planning experience save our clients substantial amounts of federal transfer tax.

Estate Planning

Estate planning covers the transfer of property at death as well as a variety of other personal matters and may or may not involve transfer tax planning. The core document most often associated with this process is your will.

Will

A document specifying the beneficiaries who are to inherit the testator’s assets and naming a representative to administer the estate and be responsible for distributing the assets to the beneficiaries.

Trust

An arrangement whereby property is legally owned and managed by an individual or corporate fiduciary as trustee for the benefit of another, called a beneficiary.

Trust instrument

A document executed by a grantor that contains terms of the trust, including any amendments thereto. Also referred to as a trust agreement or declaration of trust.

Trustee

The person designated to hold and administer trust property (also generally referred to as a "fiduciary"). The term usually includes original and successor trustees. A trustee has the duty to act in the best interests of the trust and the beneficiaries and in accordance with the terms of the trust instrument.

Probate

The court supervised process of proving a will and distributing property under the will or distributing property in accordance with the law in the absence of a will.

Estate Tax

A tax imposed by the federal government and many states on property passing out of an individual’s estate.

Guardianships

An individual or bank or trust company appointed by a court to act for a minor or incapacitated person (the "ward"). A guardian of the person is empowered to make personal decisions for the ward. A guardian of the property manages the property of the ward.