Estate Planning Attorney Portland
Jonathan Mishkin is an estate planning attorney with offices throughout Oregon in Portland, Bend, and West Linn. With over 22+ years of experience, he can work with you to structure your affairs to reduce exposure to the imposition of the estate tax and avoidance of probate.
Mr. Mishkin utilizes revocable and irrevocable trusts, partnerships/LLCs, and charitable entities with the goal of maximizing available income and estate tax benefits to reduce the client's overall tax burden. He does this while offering the client the ability to select the appropriate time to cede control over assets to the next generation.
While a well-drafted foundational estate plan (i.e. a Will or Revocable Living Trust) does not mitigate state taxes, we are able to maximize privacy and reduce the time and cost of probate.
The Law Office of Jonathan D Mishkin offers the following estate planning services:
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Elder Law and Estate Planning Portland
As family members age, it’s important to understand their wishes for the future and have these documented in accordance with the law. If an elderly or unwell client becomes incapacitated, any assets they have will need to be protected. They will also require medical care. Both of these require planning in regards to what type of conservatorship or trust to use, how to pay for medical care, and ensuring proper networks are in place to provide competent and quality care.
We understand how planning for long-term care and the processes behind qualifying for Medicaid can be daunting. We can assist with completing and submitting applications, handling any hearings and appeals, and ensuring our clients continue to qualify for Medicaid.
Guardianship/Conservatorship
If a person becomes physically or mentally disabled, they may no longer be able to handle their own personal or financial affairs. In such cases, the court can give that authority to another person, making them the person’s guardian or conservator.
In the case of guardianship, this enables the guardian to manage and control a person’s physical care and custody. A conservator, however, is responsible for managing the person’s financial matters. We understand the appointment of one or both of these is an emotional process for all involved, and work with you towards the ultimate goal of securing the person’s medical and/or financial needs.
Revocable Living Trusts and Wills Portland
These are two separate documents, and only one is needed to serve as the foundation of an estate plan.
A Will is a document that appoints an executor to represent the estate of the deceased client in probate court. This then allows for the distribution of assets, the appointment of guardians for minor children, and the direction of funeral arrangements.
A revocable living trust acts as a private, contractual agreement that details the rules a client has regarding their assets to be held for the benefit or heirs and other beneficiaries. These are especially useful in cases where reaches a certain age or develops a medical condition that mandates assistance with finances. A revocable living trust will help to eliminate the need for a probate lawyer, allowing the person managing the estate to save both time and money.
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Digital Assets Estate Planning
Thanks to the rapid advancement of technology over the last few decades, many of our clients’ businesses and personal data is now stored electronically. Digital assets can include things like photos you have uploaded online, social media histories, and documents in online storage services.
While many people do not consider these assets, they can be important financially, emotionally, or both. Having a digital asset estate plan addresses the management and distribution of such digital assets to reduce the risk of additional administrative burdens while preserving your sentimental documents and images.
Planning for Blended Families
With over 50% of marriages ending in divorce, blended families have become much more common in recent times. When one or both remarried spouses brought children from previous relationships into the marriage, this can complicate estate planning for such families.
Every family, including every blended family, is different. Both spouses need to consider where to distribute parts of their estate, whether that be to the other spouse, among their biological children, a mixture of biological and stepchildren, or any other variation. At J Mishkin Law in Portland we understand the intricacies behind such decisions, and help you to consider all of your options to make the best decision for you and your family.
Estate Planning for Same-Sex Couples
Same-sex marriage has been recognized in Oregon since 2014, but the concept overall is still a relatively new development within the United States. For couples in domestic partnerships who are not legally married, they can enjoy the benefits of their rights at the state level, but not necessarily at the federal level.
This can cause complications when it comes to estate planning. In circumstances such as where a person dies without an estate plan in place, the surviving spouse may be ineligible to receive any inheritance. In these cases, the assets will be passed to the deceased’s blood relatives, which may not be in accordance with that person’s actual wishes. In these instances, and for many other reasons including estate tax, funeral arrangements, and guardianship of any children, an estate plan is essential.
Business Succession Planning Portland
Many of our clients at J Mishkin Law are Portland small business owners. Whether a business is large or small, it’s important to have a plan in place for the business in the case of the owner passing away, developing a disability, or retiring.
Any sole proprietorship should have a succession plan in case of any such event. This involves choosing a successor, developing a training plan, and establishing putting your successor in place if and when the time comes.
For partnership businesses, you can create a buyout or buy-sell agreement which details information such as who can buy shares, whether the partner must be bought out, and what can prompt a buyout.
Charitable Planning
If you regularly give to charity, you may wish to consider charitable planning in your estate plan. Charitable trusts can have significant tax benefits, and at J Mishkin Law we have experience in assisting our clients arrange for all sizes and variations of charitable gifts. You retain the right to change the charitable recipient over time, and can create an income stream that replicates an annuity to a loved one.
Clients in Portland with larger estates who intend to leave a portion of their estate to charity may also consider forming a private foundation. These can be beneficial as the client retains control over management while securing favorable income tax charitable deductions.
International Estate Planning
Depending on the country and its laws, some countries may not recognize wills executed in other countries, such as the US. Many of our American clients have assets and beneficiaries across the world, whereas other clients may not be US citizens but have US affairs.
No mater your situation, we take your individual circumstances and look at them through a multi-jurisdictional lens. At J Miskin Law we understand the effects of international estate planning and their associated taxes, assets, and liabilities.
Contact A Highly Experienced Estate Planning Attorney in Portland Today
Without estate tax planning, an affluent family may see their wealth decrease by almost 50 percent due to federal estate taxes when a surviving spouse passes away and states take even more due to state estate taxes. Worse yet, certain forms of wealth, such as pre-tax 401(k) plans and IRAs, can swell income and estate taxes combined to 75 percent. Consequentially, children and other beneficiaries may receive less than half of the family’s wealth.
Estate lawyer Mr. Mishkin structures plans to benefit from every tax code nuance while working hard to understand your unique objectives. By closely listening to your specific perspectives, goals and needs, he can counsel you on the best decisions with suitable recommendations. In effect, you both develop your plan to fully satisfy you and your family.
Meanwhile, he provides generational planning for your family’s wealth to be optimally retained and administered to future generations. Own a business? He can assure business continuity and value for your family, shareholders, employees and customers.
Losing a loved one is hard enough without an estate planning attorney. Mr. Mishkin can help you when and where you need him, providing post-mortem planning and documents by deadlines. Through proper, reliable estate administration, Mr. Mishkin respectfully honors the past while preparing for the future.
Have Estate Planning Questions? Contact Us
Need estate planning information?
Get your Estate Planning FREE PDF download which teaches you
5 important reasons you need an estate plan.
Click on the download link below.
