Services

Our services

Smart Estate & Tax Solutions.

At Compass Estate and Tax Planning, we create a customized roadmap tailored to your unique circumstances, helping you navigate the intricate paths of estate planning and tax strategies. Our experienced team acts as your personal cartographers, crafting individualized plans that safeguard what matters most to you.

Estate Planning, Wills, & Trusts.

Special Needs Trusts.

Elder Law & Medicaid Planning.

Complex Estate and Tax Planning.

Advanced Trust Structures.

Trust Administration.

Proactive Tax Planning.

Our Services

Estate Planning, Wills, & Trusts.

Wills and Trusts are interconnected legal tools used to manage and distribute a person’s assets and wealth. Depending on your goals, both can be important documents to achieve your desired outcome.

Wills are legal instruments that tell the courts how you want your assets to be distributed, who you want to put in charge of administering your estate, and who you want to name as guardians for minor children. It is important to note that a Will does not avoid probate but uses the court process to manage the administration of the Will. Further, once a Will is filed with the courts, it becomes part of the public record and reduces the privacy of your planning.

Trusts are legal arrangements that allow a third party (Trustee) to hold and manage assets on behalf of beneficiaries. These arrangements can avoid the need to use the courts to administer your estate plan. They are private arrangements, which keep your planning, goals, and family dynamics out of the public record. Trusts are flexible tools that can be used to accomplish more complex outcomes.

A complete Estate Plan generally includes documents for your potential incapacity, such as Financial Powers of Attorney, Health Care Power of Attorneys, and Living Wills. These documents authorize another individual to step into your shoes to make financial, medical, health, or end-of-life decisions if you are unable to make those decisions for yourself.

LEARN MORE

Our Services

Special Needs Trusts.

Special Needs Trusts (SNTs) are specialized legal arrangements designed to provide financial support for individuals with disabilities while preserving their eligibility for essential government benefits. SNTs allow individuals with disabilities to receive supplemental financial support without jeopardizing their eligibility for means-tested government benefits like Medicaid and Supplemental Security Income (SSI). These trusts hold and manage assets for the benefit of a person with disabilities, covering expenses not provided by public assistance programs.

LEARN MORE

Our Services

Elder Law & Medicaid Planning.

Elder Law and Medicaid Planning focuses on issues of older adults. Often this will involve planning for potential future care needs, such as nursing home care or in-home assistance. Medicaid may be used to cover the cost of skilled nursing, but there are strict eligibility requirements and Medicaid will look to recover the cost after you are gone through estate recovery. Proactive Medicaid Planning involves positioning your assets so you can qualify for Medicaid and to protect your assets. With advance planning, you can ensure that you will have something to leave behind for your family and loved ones.

LEARN MORE

Our Services

Complex Estate and Tax Planning.

Complex estate and tax planning involves sophisticated strategies for high-net-worth individuals and families to manage their wealth, minimize tax liabilities, and ensure efficient transfer of assets across generations. Such planning could include using advance trust structures or can involve planning for the succession of a business.

LEARN MORE

Our Services

Trust Administration.

Trust administration refers to the tasks associated with managing the assets, distributions, and filings of a trust. It involves carrying out the intentions of the trustor (the person who created the trust) and fulfilling various fiduciary duties, including managing investments and paying taxes.

LEARN MORE

Our Services

Proactive Tax Planning.

Proactive tax planning is a strategic approach to managing your taxes throughout the year, rather than just at tax filing time. It involves taking deliberate steps to minimize your tax liability while maximizing your financial well-being.

Most business owners pay more in taxes than they should and are totally blind to the simple legal tax strategies available to them that can instantly put more money in their pockets every year — which means more money for your family, more freedom, and a bigger opportunity to build a lasting legacy.

LEARN MORE

Please refer to our services page for a detailed explanation of our services.

Many of our services are on a fixed or flat fee basis. However, some services are charged at an hourly rate. At your initial consultation, we will review the fees for any service before we begin any work.

In general, an estate plan should be reviewed at least every 3 to 5 years. In addition, it should be reviewed after major life events for you or your beneficiaries such as or after major life events such as marriages, divorces, births, deaths, or significant changes in assets.

There are estate tax strategies that can be used to mitigate your estate tax liability for your family if you have a taxable estate. The estate tax exemption does change periodically. If you have concerns about the size of your estate and whether you would benefit from an estate tax strategy, please contact our office.

It depends on what type of plan you put in place before you passed away. Additionally, it depends on the type of assets you own. In some cases, it may trigger a court process called probate or estate administration. If you have done planning, it is possible to avoid this court process. If you are interested in learning more about how to avoid probate, please contact our office to schedule a consultation.

A Will is a testamentary document that states how assets controlled by the probate process should be distributed. A Trust is a legal agreement whereby a Trustee holds property for the benefit of one or more beneficiaries. The Trust contains the terms on how the property is distributed and it does not require court involvement in order to distribute assets to beneficiaries.

A Power of Attorney is a legal document that allows someone else to make decisions on your behalf. There are different types, including financial and healthcare powers of attorney.

A living will, also known as an advance healthcare directive, specifies your wishes for end-of-life medical care if you're unable to communicate them yourself.

Tax planning is the process of arranging your financial affairs to legally minimize your tax liability. It involves taking advantage of beneficial tax-law provisions and can be done through short-term or long-term strategies.

Tax preparation is a reactive approach that deals with historical data after the tax year ends. Tax planning is proactive, allowing you to make strategic decisions to optimize your tax situation.

Tax brackets use a progressive system where different portions of your income are taxed at increasing rates. Only the income above each bracket threshold is taxed at the higher rate, not your entire income.

Work with a qualified tax professional who stays current on tax laws. Regularly review your tax plan and adjust strategies as needed based on new legislation.

FAQ

Frequently Asked Questiones.