Estates

Croft, Drozd & Company knows that the process of planning or administering your own estate or doing so on behalf of another individual is a heavy, tedious and often emotional endeavor.  No two estates are the same.  No matter if your personal situation is very complex or even routine, it is to your advantage to rely on a skilled professional who can fully advise you of considerations most pertinent to your best interests.  Rely on our specialized training and knowledge to address the needs of your estate.

ESTATE PLANNING

Estate planning is the process of developing and coordinating a strategy to transfer property to designated beneficiaries in a way that fulfills personal goals, objectives and legacy.  Anyone who owns property needs an estate plan, whether it is just a home, car, bank account and some personal belongings or more substantial assets, such as investments, business interests, retirement accounts and collectibles. 

Although you might assume that estate tax liability is an issue limited to individuals or families with vast wealth, it is just as important to plan for and minimize estate taxes as it is pay close attention to personal income taxes.  Many dual-income families or those who have experienced significant gains in the value or personal real estate still consider themselves to be of moderate means, but could easily become subject to estate taxes calculated at rates significantly higher than those applied to personal income.

How do you make decisions about which family members will receive the assets that took a lifetime for you to accumulate?  How can your estate be structured to protect or look after remaining family members or friends?  Should you create a personal trust or family limited partnership?  Which charitable organizations would you like to see benefit from your estate?  How will you navigate or minimize the effect of the  intricate system of state and federal taxes – for the maximum benefit of your intended benficiaries?

Our approach combines a confidential analysis of your needs with practical planning and tax saving strategies.  If necessary, we will collaborate with your personal attorney or investment advisor or call on those within our own professional network. 

Your peace of mind is our focus.

ESTATE ADMINISTRATION

Estate administration is a complicated process of managing the distribution of assets, debts and tax liability upon death according to strict legal requirements.  This is an important responsibility performed either by a personally designated executor or court of appropriate jurisdiction.

It is not uncommon for an executor to require assistance or additional guidance regarding such unique duties, which typically include gathering data and information about the deceased individual, contacting beneficiaries and financial institutions and satisfying requirements of courts and taxing authorities. 

A simple oversight or paperwork error could result in more expense for your intended beneficiaries.  Who will organize and coordinate your final affairs or those placed in your care by another individual?  Can you count on a trusted professional who is familiar with the process?

We know how this works.  We provide hands-on assistance for those charged with such serious responsibilities.