If you have minor children, talk to your attorney about the specific documents you'll want to have as part of your estate planning. These will probably include a guardian nomination, where you name the person who will take care of your children in the event of your death, as well as a revocable living trust.
Did you know that, with our advanced estate planning services, you can help to keep your assets safe from lawsuits and other events? Many types of advanced trusts can also help to minimize or even eliminate estate taxes.
It's smart to have an estate planning lawyer set up a living will while you are young. The living will declares what actions you do and don't want taken if you become critically sick and unable to communicate.
A married couple can combine their yearly gift exclusion and give away double the annual amount to any one source without having to pay taxes. A couple's lifetime limit is also doubled.
Have you updated all of your important documents? That’s just one of the important duties of an estate planning attorney. An attorney will make sure your insurance policies, IRA’s, annuities, and other important documents have all been updated to reflect the proper beneficiary.
In America's earliest years, estate taxes were used to finance war efforts. The Stamp Act of 1797 included a stamp on wills in probate, and the money helped to pay for hostilities with France. In 1862, a federal inheritance tax was used to finance the Civil War.
You know how difficult it can be to earn the wealth you want to pass on to your loved ones. But with a little foresight and a good estate planner, you can easily help to protect what you’ve worked so hard to earn. Why would you do otherwise?
An estate planning attorney can help you draft official documents that can’t be disputed after you’re gone. A will is vital if you have young children, and you also need power of attorney for potential healthcare needs and financial matters.
In estate planning, a conservator is typically appointed by a court. This is a person who is charged by the court to manage the estate of a protected person who due to age or health is incapable of managing his or her own affairs.
An estate planning lawyer will make sure that any insurance or investments in your name also include the name of a beneficiary. That way, you can be certain that a 401K account, for example, will go to the person of your choosing.
If you’re looking for tax-free options when dealing with your estate, you actually have several alternatives. You can disperse your assets ahead of time via yearly gifts and payment on medical and education bills, or donate to a charity.
Some trusts make it possible to benefit more than one person – such as children and surviving spouses. A surviving spouse can receive the income produced by a trust during his or her life and a child can receive the principal of that trust after that. An estate planning expert can explain the many different trust options that could apply to your specific situation.
There are many different ways that a trust can be set up, and the right kind of trust for you depends on your individual situation. Your lawyer can help you figure out whether a living trust (which can be beneficial if you become incapacitated) or a trust created upon your death is a better option.
Whenever you pass away without a will in place, it's called being intestate. When this happens, the state will assign an administrator to divide your assets, sometimes in ways you and your family wouldn't agree with.
When planning your estate, it’s important to consider how you can protect your assets from potential creditors. Unforeseen situations ranging from litigation and malpractice to divorce can significantly damage your net worth, so it’s important to plan ahead.
A will can be a useful tool even when there isn't a great deal of money at stake. This can especially be the case when some of your possessions - like a piece of jewelry or other heirloom - hold sentimental value to more than one of your heirs.
So what exactly is a charitable trust when it comes to estate planning? This is a trust established specifically for charitable contributions. If the trust qualifies under IRS laws as a charitable organization, then any donations to that trust can be tax deductible.
Have you moved over the years? The laws regarding community property are different throughout the country. Check with an attorney with expertise in estate planning to find out if it’s necessary to either add a codicil to your will or to draft a new one.
When considering your estate plan, take note of your investments, real estate, retirement, savings, insurance policies and business interests. Ask yourself who you want to handle your medical decisions and money if you’re unable to do so for yourself.
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 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.
So what is a family allowance in estate planning? Here, the surviving spouse and minor children are entitled to a reasonable allowance in cash from the estate for their maintenance during the probate administration period.
Did you know that if you are married and you and/or your spouse's combined estate is worth $625,000 dollars or more that you can be vulnerable to unnecessary estate taxes? The best way to maximize what you leave to your beneficiaries is through a good estate plan.
Depending on the value of your estate, your heirs may or may not have to pay federal taxes. Make sure you check to see if your state is one of the 11 in the country that also imposes inheritance taxes.
