Estate Planning
We understand the importance of preserving your wealth to pass from one generation to the next. We take the time to fully understand our clients’ unique needs and objectives, in order to provide comprehensive estate planning and succession planning for individuals, businesses, families, and family offices.
Central to our estate planning process is having a conversation with you about your values, concerns, objectives, and options. Through this collaborative approach, we facilitate the creation and refinement of your individualized estate plan to achieve your goals and preserve your wealth for children and grandchildren.
We create tailored asset-management, estate, and business succession plans for individuals, businesses, and families. Whether you are still accumulating wealth or have a significant estate to leave as your legacy, our team is experienced in planning for taxes, charitable giving, creditor protection, and the succession of wealth to the next generation. Our personalized approach to each client allows us to structure and design estate planning documents that best serve your personal and financial goals.
Frequently Asked Questions
How do I integrate US income tax, estate/gift tax, and foreign succession rules into one coherent plan for my global estate?
Cross-border planning brings together multiple legal and tax systems, each with its own rules and priorities. A well-structured approach typically includes:
- Coordinating U.S. estate and gift tax rules with foreign inheritance laws
- Using trusts, holding companies, or applicable treaties to streamline ownership
- Reducing the risk of double taxation on inherited foreign property
- Structuring global investments for more tax-efficient generational transfers
- Planning for heirs with different citizenships or residencies
What is estate planning, and why do I need more than just a will?
Estate planning is a coordinated plan for how your assets, debts, and personal wishes will be handled if you become incapacitated and after you pass away. It goes beyond just signing a will or trust by aligning documents with your goals for your spouse, children, charitable giving, retirement accounts, debts, and cross‑border assets, so your assets are passed the way you intend.
Can I just use an online form, or DIY will instead of hiring an estate planning attorney?
Online software or form documents often miss critical coordination issues, such as properly funding a trust or aligning beneficiary designations with your will. For Example, a client had a “pour‑over” will but no trust to pour into, creating distribution problems when the husband died unexpectedly. A good professional helps design the structure, prepare the right
documents, retitle assets, and update beneficiary designations, so the plan works in real life.
How often should I review or update my estate plan?
Your plan should evolve as your life changes. Major triggers include: children being born or grown up, moving to new states or countries, significant changes in wealth, changes in intended guardians or trustees, and your own aging or health changes. In practice, many people revisit their documents after big life events and have a professional review roughly every 3–5 years when younger, and more frequently as they get older or circumstances shift.
Why are beneficiary designations and “funding” the plan such a big deal?
Even the best‑drafted will or trust can fail if your assets are not correctly titled, or your beneficiary designations don’t match what’s provided in the will or trust. Accounts that pass by beneficiary form (retirement plans, life insurance, many financial accounts) completely bypass your will, which may prevent intended trusts for minor children or asset protection from ever being created. A thorough estate planning process includes helping you retitle assets and update beneficiary designations, so everything is coordinated.
How is Basswood’s estate planning approach different?
At Basswood, we take pride in our customized, hands‑on process: listening first to your goals, explaining key concepts (wills, trusts, fiduciaries), and then drafting coordinated documents rather than using a “fill‑in‑the‑blank” template. The Basswood team also helps with implementation—funding trusts, beneficiary changes, and coordinating with tax and corporate planning (for closely held businesses, cross‑border assets, and income/estate/gift tax issues) so the plan is efficient and remains aligned with your broader financial and business picture.
Need guidance on an estate planning matter?
Whether you are preparing a will, planning for succession, protecting family assets, or reviewing trust and estate arrangements, Basswood Counsel can help you plan ahead with clear, practical legal support.