Welcome to McClanahan PowersEstate planning is one of the most important things an individual can do to protect his or her family's financial security as well as their overall well-being and future. Every estate plan is different and should be customized to the needs and interests of the individual and their family. Having a properly drafted and executed Will and/or Trust is essential to a well-conceived estate plan. For example, in some situations it may be best to have the principal instrument in your estate plan be a Will and in others a Revocable Living Trust.
The wills and trust lawyers at McClanahan Powers understand the financial considerations of estate planning, the proper measures to ensure the safety and security of your loved ones upon your death, and have developed techniques and strategies to design a complete and custom-tailored estate plan.
Fairfax County Estate Planning AttorneysCosts and taxes associated with having no estate plan or a poorly formed estate plan can become extraordinary. It is essential to consult an attorney who understands these financial considerations and how best to avoid and/or manage them. Without even considering the costs of probate and state taxes, an estate may be subject to federal estate tax, federal income tax, federal inheritance tax, and federal gift tax.
Taking into account these financial considerations, an estate plan is the most secure and fiscally responsible way to allocate assets and property to an individual's beneficiaries or heirs. Whether a will and/or trust is established as the centerpiece of your estate plan, these instruments will allow for the proper allocation of your property and assets at your death to the heirs and beneficiaries that you wish to receive them. Additionally, a well-conceived estate plan will take measures to ensure that your family is taken care of in the event of your incapacity. This is critical in the case of young children as an estate plan can be drafted to determine the course of the action for the responsibility and security of these children.