PHILADELPHIA AFRICAN AMERICAN
ESTATE AND LEGACY PLANNING LAW FIRM
The Life and Legacy Counselors at The Griffin Firm Empowered Individuals and Families in Philadelphia to create and protect wealth in order to leave a legacy for their family and community.
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Philadelphia Estate and Legacy Planning For Black Families and Black Professionals
As a Black Family or Black Business Professional, Estate and Legacy planning is one of the most important things you can do for yourselves and future generations. Without a plan, your hard-earned assets could be subject to probate, estate taxes, and creditors.
A plan gives you the peace of mind of knowing that your wishes will be carried out and your family taken care of in the event of your death or incapacity.
Philadelphia Estate and Legacy Planning For Black Families and Black Professionals
Estate planning is an important tool for Black Families to use to protect their hard-earned assets and ensure that their wishes are carried out in the event of death or incapacity. By taking the time to establish an estate plan, you can avoid probate, estate taxes, and creditors. You can also ensure that your family is taken care of financially in the event of your death or incapacity.
There are many different aspects to consider when creating an estate plan, such as who will inherit your assets, how your debts will be paid off, what will happen to your business interests, and how your minor children will be taken care of. The best way to ensure that all of your bases are covered is to consult with an experienced estate planning attorney who can help you create a comprehensive plan that meets your unique needs and goals.
Philadelphia Estate and Legacy Planning For Black Families and Professionals
The Griffin Firm will develop with you a strategic plan that protects your assets while creating a multigenerational legacy.
Philadelphia Business Planning For Black Families and Professionals
The Griffin Firm supports businesses and organizations to create a strategic plan for growth and succession.
Philadelphia Estate
Administration For Black Families and Professionals
The Griffin Firm will support you through the probate process by navigating the legal complexities after the passing of a loved one.
Philadelphia Elder
Services For
Black Families and Professionals
The Griffin Firm provides support for your aging loved one during decision-making and asset protection.
The Conclusion About Estate and Legacy Planning For Black Families and Black Business Professionals in Philadelphia
By The Life and Legacy Counselors at The Griffin Law Firm
Estate planning is a critical tool for Black Families and Black Business Professionals to use in order to protect their hard-earned assets and ensure that their wishes are carried out after their death or incapacity. By taking the time to establish a comprehensive estate plan with the help of an experienced attorney, you can avoid probate, estate taxes, and creditors. You can also ensure that your family is taken care of financially in the in the event of your death or incapacity.
Create an award-winning Philadelphia dream team of industry-experts in legacy building and financial planning.
About The Griffin Firm Life & Legacy Counselors
Trusted Partners
The Griffin Firm empowers people and groups to create and protect wealth in order to leave a legacy for their family and community.
Aimee D. Griffin Esq. LLM
Principal
Attorney
Aimee D. Griffin Esq. LLM, principal attorney of the Griffin Firm’s Life and Legacy Counselors Griffin Firm PLLC, services with her voice to supporting economic development as the General Counsel for the US Black Chambers, Inc., and the National African American Insurance Association.
She is a lifetime member of the National Bar Association, American Bar Association, and has a personal mission to give a voice to the voiceless!
The Life and Legacy Counselors at The Griffin Firm works with African American individuals, families, and businesses, and business professionals in Philadelphia to strategically plan for the creation and transfer of wealth for multiple generations. We support the legacy build to impact his or her community developing charitable giving plans as well.
PHILADELPHIA
CHARITABLE REMAINDER TRUSTS
ESTATE PLANNING LAWYERS
CRT's are irrevocable trusts that actually provide for and maintain two sets of beneficiaries.
The first set are the income beneficiaries (you and, if married, a spouse). Income beneficiaries receive a set percentage of income for your lifetime from the trust .
The second set of beneficiaries are Legal Minds of the Griffin Firm Legal Minds and Professional Staff of the Griffin Firm the charities you name.
They receive the principal of the trust after the income beneficiaries pass away. CRT is considered "outside of your estate" by the IRS.
Because of this, you may end up saving as much as 46 cents of every dollar you move to the CRT.
Plus, you are usually not limited in how much you can contribute by the annual gifting limit or the Estate and Gift Tax Credits.
PHILADELPHIA
DURABLE POWER OF ATTORNEY
ESTATE PLANNING LAWYERS
The Durable Power of Attorney is created to provide someone to stand in your stead - called an attorney-in-fact- who manages financial and business decisions. This will al low someone else to pay bills on your behalf.
This power of attorney does not create limitations for the attorney -in- fact to act only during the time of your incapacitation . The power is terminated upon death.
PHILADELPHIA
IRREVOCABLE LIVING TRUST
ESTATE PLANNING LAWYERS
A Revocable Trust is simply a type of trust that can be changed at any time. In other words. if you have second thoughts about a provision in the trust or change your mind about who should be a beneficiary or trustee of the trust then you can modify the terms of the trust through what is called a trust amendment.
Or. if you decide that you don't Like anything about the trust at all, then you can either revoke the entire agreement or change the entire contents through a trust amendment and restatement.
PHILADELPHIA
LAST WILL AND TESTMANENT
ESTATE PLANNING LAWYERS
The Last Will and Testament is a legal declaration of a person's wishes regarding the disposal of his/her property or estate after death.
The will is a public document and would be filed at death in the state where you are domiciled . The Personal Representative would be identified.
PHILADELPHIA
GUARDIANSHIP OF MINORS
ESTATE PLANNING LAWYERS
For all parents of minors, guardianship planning is the important things to consider in estate planning.
Parents also need to designate someone to care for minor children in the event that both parents die before the children reach the age of 18.
Parents need to decide how to provide income for their children. who will receive their property and who will manage the finances for the children.
PHILADELPHIA
HEALTH CARE PACKET
ESTATE PLANNING LAWYERS
This is a Legal document that allows a person to choose someone to make medical decisions on his/her behalf when he/she is unable to do so.
The person who is authorized may be called a proxy. This document will include many health care decisions, as well as end-of Life planning and celebration decisions.
This document includes the following:
• Health Insurance Portability and Accountability Act of 1996
• Advance Directive/Living Will
• Health Care Proxy
• End of Life Celebration
PHILADELPHIA
IRREVOCABLE LIVING TRUST
ESTATE PLANNING LAWYERS
An Irrevocable Trust is a vehicle where the Granter relinquishes some rights and responsibilities with the Trust The Irrevocable Trust is used to segregate assets and convert them in many cases from countable assets to non-countable assets.
This is a great resource for Medicaid, Special Needs Trust and to minimize tax liability.
