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Understanding the Three P’s of Estate Planning

#1 – People

Who are the Important People in your life? Beginning with yourself, they also likely include your loved ones: your spouse if you are married, children and grandchildren if you have any, perhaps your parents, siblings or other relatives. Beyond these, however, “Important People” also could include charities, special causes, colleges or universities, or churches to which you are committed. For some, “Important People” could even include pets. Spend some time thinking about the impact others have had on your life. Make a list and jot notes if you like. This is where the planning process truly begins.

#2 – Property

By Property we mean your assets in general. Make a list of the assets you own or control. At this point, you do not need to identify insurance policy numbers and exact dollar values. Rather think through your assets in terms of their nature (cash, stocks, bonds, real estate, etc.); their value in thousands of dollars; and your ownership interest: Do you own assets in your name only, in joint tenancy with someone else, or through a trust agreement or some other arrangement? Be sure to include often-overlooked assets like life insurance (the death benefit, not the cash value), business interests, and any inheritance you may expect to receive.

#3 – Plans

After identifying the Important People in your life and your Property, the next step is to consider the Plans you would make for those People (including yourself) and that Property in the event of your own incapacity or death.

Who would you name to make decisions for you if you could no longer do so yourself? Would the same person handle your finances and your personal and health care decisions? Who would care for your minor children? How would you distribute your assets to your heirs? Would you prefer to spare your heirs the potential cost and hassles of the probate process? Would you like to minimize the impact of estate taxes ... or maximize the impact of a charitable bequest? Is there someone in your family with special needs for whom you would like to provide? Is there someone who perhaps should not receive a great deal of (or any) money without some outside oversight?

These are just a few of the issues to consider when approaching the planning process. They are much more important than the “treasure hunt” for legal documents at this stage.

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What Sets Us Apart
We understand this process can be difficult. We ease you through it with your best interest in mind.

Legal problems are extremely stressful, especially when your family, your health, or your freedom are at stake. At this point in time, you may not even be sure what kinds of questions you need to ask a lawyer, but that’s entirely normal. Whether your situation involves family law, estate planning, elder law, a criminal charge, or a personal injury, we will start by giving you all the information you need.

The way we see it, you deserve to get this information directly from an expert. That’s why we make it easy for you to get in touch with your lawyer, and we never ask you to sit down with a paralegal or assistant instead.

As our relationship continues, we will keep you updated about the status of your case every step of the way. Your lawyer will reach out regularly to tell you about any new developments, and he will also be happy to answer any questions you have throughout the process.

Client Success Stories

GOOD
18 reviews on
Richard Patrick
June 15, 2021.
Claude is always on top of the game, a hard worker and very responsive. Wish we could have brought him to Florida with us
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william hanshaw
July 31, 2020.
Hello everyone just wanted to share my experience with Claude Smith lll as i went to hem for help on a personal matter he;s a great person to talk to and deal with we hit some rough patches Claude never gave up it felt like we were trying to push a dump truck up hill in my book he went way beyond to help me but but after we got air in them tires boy did he drive that dump truck over that hill in my book he's the best and he's staff is very nice to thanks Claude you change my life
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Claire Kelly
October 11, 2019.
He has and still continues to help me. Mr. Smith has helped me focus on what is and is not important in the eyes of the law. He has been very patient and understanding, and I would recommend to all. He is very straight to the point and gets things accomplished! Mr. Smith has been a great help during a very stressful time!
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Tiffani Legros
October 9, 2019.
Highly recommend!!! Claude is very hard-working and cares greatly for his clients!
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Sarah Martin
October 3, 2019.
The first time I met him I was crying and upset. I had court the next day and he said to let him worry about things. I did. 12 years later I reccomend him constantly. There are things out of my control that even he can't fix, and it sucks waiting. But Claude is awesome on so many levels.
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Tiffany Mariani
September 19, 2019.
Claude Smith represented me in a family court case and personal injury case and did an amazing job on both!! Mr. Smith was very informative and stayed in contact throughout the length of both cases. He answered all my questions and was very patient with me when I unintentionally asked the same questions 5 different ways because I worried. Thank you Claude for everything.
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Law Offices of Claude S. Smith, III

805 Bigley Avenue
Charleston, WV 25302

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