No one likes to think about what happens after they are gone – but almost everyone can benefit from doing a little Estate Planning. Obviously, individuals with a high net worth need Estate Planning. But Estate Planning attorneys are not just for the wealthy.
If you own a home, have minor children or have bank accounts with more than a few dollars in them, some Estate Planning now can ensure that everything is handled according to your wishes after you are gone.
Estate Planning ensures that your home, money and assets pass to your heirs as quickly and easily as possible – while incurring the smallest possible taxes and/or “estate administration” costs. In many cases an Estate Planning attorney can put in place the documents necessary so that your heirs and beneficiaries can avoid the costs and delay of going through Probate Court altogether.
Estate Planning for Tax Advantages
If you have more sizable assets, proper Estate Planning can often help you substantially reduce your tax burdens while you are alive – as well as reduce or eliminate the taxes your heirs or beneficiaries pay on their inheritance.
Estate planning is much more than a last will and testament. An Estate Planning attorney can draft living trusts, special needs trusts, deeds and more to put in place a plan to mitigate or avoid estate taxes, and to ensure that your life’s savings and assets pass directly to your beneficiaries’ – and are not taken by your creditors, your beneficiaries’ creditors or the State after your death.
Estate Planning Attorneys for Parents
If you have minor children, your Estate Planning attorney can help you make certain that the guardians you desire are in place, in case something happens to you. Without Estate Planning there is the worry that the Court will make this decision for you – and it may not be who you would have chosen to be guardians of your children. Your attorney can also help you put in place financial protections, so that your minor children’s financial needs are taken care of if something happens to you.
Estate Planning Attorneys: Trusts
Living Trust Attorneys
A Living Trust (sometimes called an “inter vivos trust” or a “revocable” trust) is a legal document that puts your designated assets “in trust” for your use & benefit during your life – and then transfers their use and benefit to your designated beneficiaries at your death.
With a Living Trust – since the assets are already in the trust – your beneficiaries can typically avoid going through the time, expense, hassle, paperwork & delays of Probate. A living trust also provides privacy – as it is not a public process like Probate is. And Living Trusts are generally more “iron clad” and therefore more difficult to “contest” than a Probate Estate.
In addition to avoiding Probate, Living Trusts also protect your assets from being wasted or “used” up by your heirs – as well as shields the assets from your beneficiaries’ creditors.
Online Do-It-Yourself Trusts
An experienced estate planning attorney understands and is up to date with state and federal tax laws, as well as the probate laws of your state. These rules and regulations are extremely complex and also subject to change – especially as new administrations come into office and change the laws. Taking a chance by “doing it yourself” can result in missteps that can cost you thousands of dollars. Your estate plan may even ultimately be deemed invalid by the Court – leaving your assets “up for grabs”!
The advice and counsel of an experienced tax and estate planning attorney is really necessary in most cases – to ensure that you put the proper documents into place so that your final wishes are carried out properly.
What do Estate Planning Attorneys Cost?
The cost of your Estate Planning will depend upon how many assets and beneficiaries you have – which will dictate how simple or complex your Estate Plan needs to be.
Our Estate Planning attorneys are committed to keeping our legal fees reasonable and affordable. Remember that the Estate plan we put in place for you can literally save you and your heirs thousands of dollars in taxes, probate administration, and legal disputes “down the road.”
Whether you are a high net worth individual – or an average American with a modest home and hard earned savings – our experienced Estate Planning attorneys can tailor an estate plan for you that will protect your assets, save you money, and give you peace of mind now and for years to come.