Estate Planning
Wills, Trusts & Estates
Estate Planning & Taxes
Estate Planning Attorney
Estate planning is the process of deciding, in legally binding documents, who receives your property, who makes decisions if you cannot, and who cares for your children. That makes those choices are yours rather than a court’s.
Many people assume an estate plan is only for wealthy families or those with complicated holdings. The reality is that nearly everyone needs one. Ask yourself:
- Are you married?
- Do you have children?
- Do you own a car?
- Do you own a house?
- Do you own a business?
- Do you own jewelry or other assets?
If you answered yes to any of these, an estate plan protects you and your family. Milton Law Group builds estate plans that are also tax-aware because the firm already serves many clients as their tax and legal advisors, and led by Mark C. Milton, a former U.S. Department of Justice Tax Division attorney, it plans with both the family and the tax picture in view.
On this page:
Wills, Trusts & Estates
A well-crafted estate plan gives you peace of mind during your lifetime and a lasting legacy afterward: the ability to direct your health care, decide how your property is distributed, and choose who raises your young children if the unexpected happens.
It also spares your family the cost and stress of drawn-out probate proceedings, which can run into thousands of dollars in legal fees, undermine your wishes, and create lasting friction among loved ones.
An estate plan can combine several instruments to make sure your goals are met, including:
- Wills — direct who receives your property and name a guardian for minor children
- Trusts — manage and transfer assets, often avoiding probate and adding privacy and control
- Powers of attorney — appoint someone to handle finances and legal matters if you cannot
- Health care directives — state your medical wishes and name who speaks for you
Which combination is right depends on your family, your assets, and your goals, which is why the plan is built individually rather than pulled from a template.
Estate Planning & Taxes
Taxes and estate planning go hand in hand, which is what makes a firm that handles both a natural fit to build your plan. Benjamin Franklin famously wrote that “in this world nothing can be said to be certain, except death and taxes” — and the two often meet in an estate plan.
Because Milton Law Group already serves as tax and legal advisor to many of its individual and small business clients, its estate planning attorneys start with an in-depth understanding of each client’s family, business, goals, and values.
That knowledge is used to craft a custom estate plan — coordinating income tax, gift tax, and estate tax so the pieces work together — rather than the cookie-cutter approach sold by estate planning mills and software products. For clients who also need ongoing tax work, estate planning pairs naturally with the firm’s tax planning and preparation services.
“Estate planning and tax planning are two sides of the same coin. When the attorney drafting your plan already understands your taxes and your business, the plan protects more of what you’ve built.” — Mark C. Milton, Esq., Founder and Managing Attorney
Estate Planning FAQs
Who needs an estate plan?
Nearly everyone who owns property or has a family needs an estate plan, not just the wealthy. If you own a home, a car, a business, or savings, or if you have a spouse or children, an estate plan makes sure your assets go where you intend and that someone you trust can act for you if you become unable to. Without one, state law and the courts make those decisions instead.
What documents make up a basic estate plan?
A basic estate plan usually includes a will, one or more powers of attorney, and a health care directive, and often a trust. The will directs how property is distributed and names a guardian for minor children; a durable power of attorney lets someone manage your finances if you cannot; a health care directive states your medical wishes; and a trust can manage assets and help avoid probate. Beneficiary designations on accounts and insurance are part of the plan too.
What is the difference between a will and a trust?
A will takes effect at death and generally must pass through probate, while a trust can take effect during your lifetime and often avoids probate entirely. A will is simpler and directs who inherits your property. A trust offers more control; it can manage assets if you become incapacitated, keep your affairs private, and pass property to beneficiaries without court involvement. Many plans use both.
What happens if I die without a will?
If you die without a will, state intestacy law decides who inherits your property, and it may not match your wishes. The court appoints an administrator, distributes assets according to a fixed statutory formula, and, if you have minor children, decides who becomes their guardian. A will lets you make those choices yourself instead of leaving them to a default rule.
What is probate, and can I avoid it?
Probate is the court-supervised process of settling an estate, and it can be reduced or avoided with planning. Probate can be time-consuming, public, and costly in legal fees. Tools such as revocable living trusts, beneficiary designations, and jointly held property can pass assets outside of probate, which is one of the most common reasons people put a plan in place.
Do I need a trust, or is a will enough?
A will is enough for many people, but a trust is worth considering if you have minor children, want to avoid probate, own property in more than one state, have a blended family, or want to plan for possible incapacity. Whether a trust makes sense depends on your specific circumstances, which is something a planning consultation can sort out quickly.
How does estate planning reduce taxes?
Estate planning reduces taxes by coordinating income, gift, and estate tax through the timing and structure of how assets are held and transferred. Depending on your situation, strategies can include lifetime gifting, certain types of trusts, and preserving favorable income-tax treatment for inherited assets. Because these tools interact with your overall tax picture, they work best when the same advisor understands both your estate plan and your taxes.
Will my estate owe estate tax?
Most estates fall under the federal estate tax exemption and owe no federal estate tax — but some states impose their own estate tax at much lower thresholds. Illinois, for example, has a state estate tax that can apply to estates well below the federal level, while Missouri and Florida currently do not impose one. Because the exemption amounts and state rules change, it is worth confirming the current thresholds for your state and year with an attorney.
How often should I update my estate plan?
You should review your estate plan after any major life change and periodically otherwise. Marriage, divorce, the birth of a child, a death in the family, a move to another state, a significant change in assets, or the sale of a business are all reasons to revisit your plan and make sure it still reflects your wishes and current law.
Learn more: Estate planning can feel overwhelming at first. To get oriented, read our overview of 13 important terms and basics of estate planning to know as you think about your own plan.
About Mark C. Milton
Mark C. Milton is the Founder and Managing Attorney of Milton Law Group. A former U.S. Department of Justice Tax Division Trial Attorney recruited through the Attorney General’s Honors Program, Mark received the DOJ’s Outstanding Trial Attorney Award in 2014. He brings nearly two decades of combined experience in tax controversy, federal litigation, and accounting, having practiced at an AmLaw 100 firm in St. Louis and worked at two large public accounting firms in Chicago and St. Louis prior to law school. He earned his J.D., with Honors, from Saint Louis University School of Law and his B.S. in Accountancy, cum laude, from the University of Illinois at Urbana-Champaign, and is admitted to practice in Missouri, the District of Columbia, Illinois, and Florida.
Schedule a Consultation
Contact the IRS Problem Solvers at Milton Law Group to schedule a paid privileged consultation by calling 833-LAW-1040 or at miltonlawgroup.com/schedule-now.
This page is provided for general educational purposes and is not legal or tax advice. Estate planning laws and tax thresholds change over time, and every plan turns on its specific facts; consult a licensed attorney about your situation.
