Estate planning is the preparation of a plan to administer and transfer one’s assets before and/or after death. This can include wills, trusts, gifts and powers of attorney. Advance directives are instructions given by an individual in regard to his/her health care.
One of the benefits of representing several generations of families in Jacksonville is that, as a firm, we have been able to help protect and move assets to the next generation by utilizing strategic, consistent and thorough planning. We get to know our clients well and we are able to provide efficient help with what sometimes appears to be very intimidating challenges. It is always very rewarding to assist a client with a plan that they know protects those they love. In this area of planning, we focus on wills, revocable living trusts, irrevocable trusts, durable powers of attorney, health care powers of attorney and living wills. We often discuss with our clients the benefits of creating family limited partnerships, limited liability companies and other entities. The goal is to find the right plan that works not only from an estate planning perspective, but also from a business, personal and administrative standpoint. In estate planning, the most important decision to make is determining who will help carry out your plan. As a firm, that is where we start the estate planning process. Naming the right fiduciaries, such as personal representatives (executors), trustees and guardians is discussed and determined in the initial client meeting. The estate planning document directs the plan, but having the right person in charge to actually execute the plan is the key. The attorneys of Donahoo & McMenamy will serve as a fiduciary for selected clients.
“When clients come to know us well, we are often asked to serve as a fiduciary; either a personal representative or a trustee. We will generally serve when we feel we are able to accomplish the client’s goals. It is always the highest compliment a client can make. ”
– Tom Donahoo