It’s recommended that you review your will periodically over the years, particularly if your marital status changes. At the same time, it’s a good idea to revisit your beneficiaries for your life insurance and retirement policies as well.
It’s important to remember that estate planning isn’t just for the ultra wealthy. When you have an elderly loved one trying to qualify for certain government programs in the near future, it’s smart to seek the guidance of an estate planning attorney now.
We can explain what a trust is, and why it is often a good idea to leave property or money to children in the form of a trust. If your child inherits a bank account or other property, that windfall can be quickly lost in a divorce or lawsuit. A trust offers additional protection.
Did you know that in some states, getting a divorce can revoke your entire will, not just the portions pertaining to your ex-spouse? Once your divorce is settled, it's a good idea to revisit your estate planning.
Estate planning lawyers deal with the disbursement of your assets by preparing wills, trusts, and other estate planning documents. They also address their client’s income tax issues, they keep track of the estate checking account, they collect life insurance proceeds, as well as determine whether any estate and gift taxes will be due.
When you have significant assets, there may come a time when you notice certain people beginning to jockey for your favor. Putting a living trust or will into place now can help limit the number of arguments over money after you’re gone.
If you own real estate in more than one state, it’s particularly important to consult an estate planning attorney. Why? You may need durable powers of attorney in each state to ensure your legal and financial affairs can be handled by your designated representative.
Privacy is often critical when it comes to estate planning. The truth of the matter is that wills are a matter of public record. Creating a trust and titling your assets to the trust will help you to maintain your privacy.
Why would you need an estate plan? An estate plan will specify how your estate will be managed in the event you become disabled or in the event of your death. It will help you manage your assets, which includes your home, your investments, your business, your life insurance, and your employee benefits.
The liabilities that reduce your estate include: taxes you owe, outstanding debts, and the cost of settling your estate.
Are you concerned that there could be disputes among family members over the division of your estate after your death? Remember, having a will or trust in place can help create a legal basis for the nature of each person’s inheritance, often leaving little room for argument.
If you’ve recently been in a serious accident or recovered from a severe illness, you may be thinking about your own mortality more than ever before. Working with an attorney can give you the peace of mind in knowing that your loved ones will be provided for according to your wishes.
Does the idea of trying to plan for the disposition of your estate after your death seem like one more task you don’t have time to complete? Let me help you to complete this important task in less time than you may think it will take.
Did you know the legal process of managing the estate of a deceased loved one could take up to a year and cost more than $2,000? This process is known as probate. An estate planning attorney can help with this prior to death.
A durable power of attorney is a legal document that designates the person(s) you select who will act on your behalf. A durable power of attorney for assets designates who may make decisions and act on your behalf for financial, property, and estate planning issues.
Earning your wealth is a lifelong process- we all know that. But it’s also important to think of protecting that wealth as a lifelong process as well. Laws change and new opportunities to protect your wealth may arise. A good estate planner can help you figure out if you may benefit from those changes.
Is my wife a good choice as an executor? Some experts say choosing a family member can lead to dissension and disagreement in the family. You may want to consider a close friend – someone that is well known and respected – particularly if that friend is not a beneficiary.
An attorney who deals in estate planning knows the ins and outs of both state and federal laws about governing estates. Having an estate planning attorney help you write up an estate plan reduces your estate and gift taxes, too.
What is a durable power of attorney for property? If you are ever unable to handle your own financial matters or are unavailable to do so, then this document will appoint the person you have chosen to act for you in such situations.
Did you know that most states have legal presumptions that require the guardianship of a minor without relatives to go to another relative? If you have close friends that would make perfect guardians for your children, the only way that will happen is if you put your wishes down in a will.
It’s wonderful to have wealth- and your family will certainly benefit from it after you’re gone- but did you know that taxes can be a huge drain on that wealth upon your passing? An estate planner can help ensure they will take the smallest possible bite out of what you’ve earned.
Having an estate lawyer help you with your estate planning means that you can be sure that all of your family members are taken care of when you are gone. He or she can help you to assign a corporate trustee whose job it is to administer all aspects of your trust rather than forcing a grieving family member to assume all financial responsibilities.
Health is most people’s top focus, yet there are numerous unexpected deaths each year. “Though estate planning isn’t a one-size-fits-all thing, it is something everyone should think about,” said Tom Johnson, a Minnesota lawyer. “Everyone is going to pass away, so everyone should have something in place.”
Death taxes are a concern for many people when they're making their estate plan, and for good reason. Poor planning can result in a substantial reduction of the amount your beneficiaries receive after your death. An attorney can help you figure out if you qualify for an exemption, and if not, how to minimize the tax amount.
