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Estate planning is one of the most important steps you can take to make sure that your assets are disposed of in accordance to your wishes upon your death and to make sure that your assets are properly managed in the event you are incapacitated. In addition, if you have small children and you want to ensure they are fully protected, your estate plan should also include a child protection plan.
Did you know that:
- 69% of adult Americans do not have a Living Will or Advance Medical Directive;
- 60% of adult Americans do not have a basic Last Will and Testament; and
- only 21% of adult Americans have established a trust for estate planning purposes?
Without an estate plan, a judge, who does not know you, your family, or your wishes, will determine who gets your assets and who will care for your minor children. Estate planning is extremely important, but most adults do not fully understand what estate planning is and how it works.
At Kinsey Law Group, we take the time to learn about you and your family and listen to your concerns and wishes. Then we draft affordable estate plans to meet the needs of you and your growing family.
Review our Estate Plans Here (pdf file)
To learn more about our services, click on a topic below.
What is Estate Planning?
Estate planning involves both planning for the possibility of mental incapacity and planning for death. It is one of the most important steps you can take to make sure your wishes regarding your assets and healthcare are honored, and that loved ones are provided for after you are gone. Though often overlooked or even put off, a comprehensive estate plan can answer a number of legal questions that often arise whenever anyone dies.
Through estate planning, you determine:
- how and to whom your assets will be distributed after your death;
- how your assets are managed during your lifetime;
- who should handle your finances if you become incapacitated;
- who will manage your personal care and health care if you become unable to care for yourself;
- if your beneficiaries get their inheritance all at once, or in incremental distributions over a period of time;
- who will manage your estate after your are gone;
- who will care for your minor children; and
- how you can save taxes by using estate planning tools.
Without estate planning, you risk:
- your estate possibly paying high estate taxes;
- court battles over who will care for your minor children;
- court battles over who should handle your finances if you become incapacitated;
- a judge, who does not know you, your family, or your wishes, using state law to determine who gets your assets;
- a judge, who does not know you, your family, or your wishes, determining who will manage your personal care and health care if you become unable to care for yourself;
- a judge, who does not know you, your family, or your wishes, determining when and how your beneficiaries get their inheritance; and
- a judge, who does not know you, your family, or your wishes, determining who will manage your estate after your are gone.
How We Are Different
Your estate planning experience with Kinsey Law Group will be very different from the “typical” estate planning experience, which involves meeting with a lawyer who rushes through the consultation without answering many of your questions and who rarely follows up with you during your lifetime, leaving you with an estate plan that will not work when your family needs it the most.
The Typical Estate Planning Experience (Peggy's Story)
Peggy just received her new estate plan in a beautiful green binder. She's relieved and happy she has spared her family the chaos that she and her brother experienced when their mother passed away without a will.
Peggy remembers her lawyer mentioned moving her bank accounts and other items into her newly created trust, but she can't remember all of the details of what she's supposed to do. Peggy calls her lawyer's office, leaves a voicemail, and waits for a call back. Peggy has other errands to run and leaves the bank without transferring those bank accounts into her trust.
A few weeks later, Peggy receives a bill in the mail for $55.50 for 15 minutes of her lawyer's time for answering her questions. After seeing the bill, she makes a mental note that she won't call her lawyer again with quick questions.
A few years later, Peggy buys a new house and forgets that she is supposed to have the title in the name of the trust. Her oldest child is now married with children of his own, and her other children are also older, making her guardianship choices outdated.
It's not until Peggy dies that her family finds the green binder she put away several years ago. After reviewing Peggy's binder, they realize her estate plan is so outdated that it does not reflect her life, her assets and the law. Peggy's family is frantic. They don't know where to turn or what to do, so they contact the same lawyer who prepared Peggy's estate plan, and he is all too happy to probate Peggy's assets for his usual hourly fee.
How to Avoid Peggy's Situation
Imagine your loved ones in Peggy's family's situation, not knowing what to do or where to turn for help. Peggy's situation could have easily been avoided had she used the services of an attorney who prepares customized estate plans and who performs regular follow up with each client to ensure their plan works at all times. Peggy did the right thing by having an estate plan to protect her family, however, because her attorney had not contacted her on a regular basis, her bank accounts, new home, and other assets were never transferred into her trust (allowing her grieving family to avoiding the expense and delay of probate); her estate plan was never updated; and her guardianship choices were never changed.
What Makes Kinsey Law Group Different?
Kinsey Law Group established a Client Servicing System so our clients know they will have an estate plan specifically designed to meet their needs and their plans will work for them during their lifetime and when it is needed most.
Our Client Servicing System has five core components:
• Flat Fees: All of our estate planning services are billed on a flat-fee basis so there are never any surprises.
• Client Communication: We encourage communication with our clients. Your calls and emails are answered promptly. You never have to worry that a quick call will result in a bill two weeks later.
• Customized Work Product: We draft customized estate plans tailored to your needs and wishes instead of the fill-in-the-blank documents that produce poor estate plans. We also draft guardianship plans for your minor children to ensure they are protected if anything ever happens to you.
• Guarantee: You can be sure that the legal work we perform will be of the highest caliber. If we fail to live up to this guarantee, we will return some or all of the fee you paid depending on the circumstances of your case. Many attorneys do not guarantee their services.
• Ongoing Communication: At Kinsey Law Group, we view the signing of your estate planning documents as the beginning of our relationship with you and your family. We regularly follow up with you so any life changing events (e.g., birth of a child or buying a house) are incorporated into your estate plan so your estate plan will work for you during your lifetime and when it's needed the most.
Our Estate Planning Clients
Although Kinsey Law Group, P.C. offers representation to a wide range of clients, the clients whom we best serve share several of the following characteristics:
- Own a home or other assets that they want to protect;
- Are serious about making smart and practical estate planning choices;
- Are willing to invest a reasonable amount of time and money to obtain a professionally prepared estate plan;
- Desire peace of mind for themselves and their family members;
- Want to minimize or eliminate court intervention should they die or become disabled;
- Are concerned about the welfare of their young children;
- Desire to reduce or eliminate Federal and Maryland or Washington, D.C. estate taxes;
- Want a plan in place in the event of their incapacity or disability; and
- Desire to avoid the delays and expenses of probate.
Our Process
Our firm believes in personalized service for each client, and our approach is educational and proactive. First, we determine your individual needs, desires and values, and then tailor a plan to best fulfill your needs.
The process for planning your estate and implementing your plan will typically be as follows:
Step 1. Schedule Your Educational Estate Planning Session
Call our office at (888) 495-7289 to schedule your Educational Estate Planning Session.
Step 2. Complete Estate Planning Questionnaires
Approximately three days after scheduling your Educational Estate Planning Session, you will receive our Welcome Packet containing information about our firm, Estate Planning Questionnaires, and our fee schedule. You will need to fill out the Estate Planning Questionnaires and return it to our office at least one week prior to your appointment.
Step 3. Attend Educational Estate Planning Session
At your Educational Estate Planning Session, we will review your Estate Planning Questionnaires and personal information. You will also tell us about your family, goals, desires and priorities, which will help us design a personalized solution to suit your needs. After we have gotten to know you better, we will educate you about estate planning and the law and what would happen to your family and assets under your current plan or if you had no plan at all. Finally, we will answer any questions you have about our firm or the planning process.
Step 4. Design Your Estate Plan
If we mutually decide to work together, we will then begin designing your estate plan in two phases. First, you will choose which level of protection will enable you to achieve your goals. Second, we will customize your plan to give you the exact protection you need.
Step 5. Signing Ceremony
Once your plan is complete, we will schedule a conference where you will sign the documents of your estate plan. The signing ceremony will take place 4-6 weeks after your Educational Estate Planning Session and may take one to two hours to complete. At the signing ceremony, we will thoroughly review all of your documents and answer any questions you may have.
Step 6. Estate Plan Binder Delivery
About two weeks after the signing ceremony we will deliver your Estate Plan Binder.
At most estate planning firms, the relationship with your attorney ends when you sign your documents. At Kinsey Law Group, we view the signing of your estate planning documents as the beginning of our relationship with you and your family.
If you have questions about any aspect of estate planning and what we can
do for you, please contact us. |
Phone: 888-495-7289 Fax: 888-559-8856