Estate Planning and Legacy Protection

Estate Planning Attorneys in Sioux Falls, South Dakota

When many people hear the term “estate planning,” the first thought that comes to mind is taxes. However, estate planning is about much more than minimizing estate, gift and other taxes. The fact is, everyone can benefit from having an estate plan of their own, one designed and implemented by an attorney who focuses on this area of the law. Why? Without your own plan, the state will control how your assets are distributed after you pass away. The state is not concerned about ensuring that your wishes regarding “who gets what” are carried out. Nor does the state care that costs are minimized, your assets are distributed in a timely manner, or your family remains intact. Rather, the state simply follows established asset distribution guidelines.

Another reason you need a customized plan of your own is to make sure that a person of your choosing has the authority to make medical and financial decisions on your behalf if you become incapacitated. Without your own plan, someone may have to petition the court to gain control over your assets and medical care. This could well be a person you would never have wanted to make important decisions like these for you. And the court processes involved, which are called guardianship and conservatorship, are lengthy, frustrating and needlessly expensive.

These are just a few examples of what estate planning can help you accomplish. Depending on your unique needs and concerns, we can design a plan capable of helping you accomplish a great deal more. For example, we can:

  • Ensure that your minor children will be raised according to your wishes if something happens to you and your spouse
  • Ensure that you have complete control over your assets while you are alive and well
  • Leave what you want to whom you want in the manner you want after you pass away
  • Protect your assets against creditors, lawsuits and other threats
  • Pass your work ethic, values and sense of responsibility to heirs
  • Significantly reduce estate, income, gift and other taxes
  • Ensure that your financial affairs and information about your family remain private
  • Protect your heirs’ inheritances
  • Leave a lasting legacy and impact on others

Accomplishing goals like these are impossible without close collaboration between you and a qualified estate planning attorney. At Legacy Law Firm, P.C. all of our plans are customized to address the specific needs and goals of each client. We will devote all of the time and energy necessary to gain a thorough understanding of your unique goals and concerns. Only then will we craft and implement the plan that is right for you. To get started, contact us today for a complimentary consultation.

Our estate planning attorneys offer all of the following services and more:

  • Wills
  • Revocable and Irrevocable Trusts
  • Powers of Attorney for Healthcare
  • Durable Financial Powers of Attorney
  • Living Wills and Advance Directives
  • Marital Agreements (Prenuptials and Postnuptials)
  • Care Agreements
  • Cohabitation Agreements
  • Lifetime and Testamentary Gifting Plans Optimizing and Leveraging Exclusion Gifts
  • Charitable Planning (Restricted Gifts, Charitable Lead Annuity Trusts, Charitable Remainder Trusts, Private Foundations, Public Charities and Donor-Advised Funds)
  • Disclaimer Planning
  • Estate Tax Planning
  • Contingent Planning for Children
  • Qualified Terminal Interest Property Marital Trusts (QTIPs)
  • Dynasty Trusts
  • Incentive Trusts
  • Supplemental Needs Trusts
  • Pet Trusts
  • “Intentionally Defective” Grantor Trusts (IDGTs)
  • Spousal Access Trusts
  • Asset Protection Trusts
  • Inheritance Protection Trusts
  • Personal Injury Settlement Planning
  • Planning for Qualified Retirement Plans
  • Grantor Retained Annuity Trusts (GRATs)
  • Qualified Personal Residence Trusts (QPRTs)
  • Installment Sales
  • Limited Liability Companies
  • Family Limited Partnerships
  • Irrevocable Life Insurance Trusts
  • Ethical Wills