Estate Planning

At Myatt & Bell, P.C., we are passionate about estate planning because we administer estates every day and repeatedly see how proper planning builds family legacies and strengthens family bonds during difficult times. We also find that insufficient or non-existent planning exacerbates the pain from losing a loved one and can even lead to feuds and estrangement between family members. Our goal is to work with each client to develop a personalized estate plan that addresses their needs and protects their legacy.

• To find out which estate planning tools are needed at your stage of life, take a look at our estate planning timeline.
• To determine whether your family will owe any Oregon estate taxes after you pass away, use our estate tax calculator.

Our Approach to Estate Planning

Regardless of the size of your estate, it’s essential to have a plan in place. An estate plan is much more than just a list of who receives your money and possessions.

For instance, a solid estate plan will include plans for the possibility of your incapacitation so that your loved ones can take care of you should you become unable to do so. An incapacity plan will save your family considerable time, energy, heartache, and money.

Additionally, your plan should have protections in place regarding how and when your child will receive money from your estate. For younger children, you can control when and how they receive their inheritance and put limitations on it so that they pay for college, educational, and health needs first. For older children, we can include a Divorce Protection Trust so that if your child gets divorced, their ex will not take half of their inheritance.

Finally, and if your gross estate exceeds $1M (in Oregon) or $2.193M (in Washington), a Trust can significantly reduce your estate tax liability. With proper tax planning, your Trust can take advantage of any available State or Federal tax benefits and ensure that your assets are passed on as you intend while minimizing the tax burden on your estate.

Estate Planning Tools We Use

Estate planning has many components. Our attorneys can help you with all of your estate planning needs, including:

• Incapacity planning — Ensure that you are taken care of and that a seamless transition of asset management is in place.
• Wills — Direct gifts to your loved ones and name guardians for your children.
• Trusts — Establish for tax purposes and maintain better control of your assets and serve as a crucial element for incapacity planning.
• Advanced Directives (Living Wills) — Make sure your loved ones know your wishes regarding life support and tube feeding.
• Powers of Attorney — Designate a trusted individual to act as your agent.
• Health Care Powers of Attorney — Make sure doctors will legally listen to your spouse, child, or friend regarding the level and nature of treatment that you wish to receive.
• Special Needs Trusts — Ensure assets are available for vulnerable individuals without impairing their ability to receive government support.
• Charitable Trusts — Leave money to the charities you are passionate about while receiving tax benefits today and an income stream for the rest of your life.
• Divorce Protection and Asset Protection Trusts — Ensure that money you leave to a child is preserved for their use.
• Tax planning — Establish trusts and other strategies that allow you to continue to receive the financial benefit of your assets while reducing your gross estate and reducing your estate tax liability.
• Gifting schedules — Maximize your available annual and lifetime gifting exemptions.

For complex and high net worth estates, there are several additional tools and trusts that we will create for you. Reach out today to discuss your estate planning goals with a complimentary estate planning consultation.

Estate Planning Links

• Estate Planning
• Grown & Flown Package
• Incapacity Planning
• Wills and Powers of Attorney
• Estate Planning Timeline
• Oregon Estate Tax Calculator
• Estate Tax Rates
• Navigating The Estate Tax
• Reasons to Review Your Estate Plan
• Succession Planning For Business
• Estate Planning Seminars