The Best Time to Hire an Estate Planning Attorney?by Teja Sahib Smart Glass
Estate planning is often overlooked or delayed because it's an overwhelming task. Few people desire to face the unpleasant reality that one day they'll pass away and their
- An experienced estate planning attorney can help prevent probate.
- You should certainly work with an estate planning attorney if you have a high net worth.
- By getting reliable insight, you can find the absolute best estate plan for your family.
- An estate planning attorney may prove
useful with business succession and charitable giving.
What Is an Estate Planning Attorney?
An estate planning attorney is someone that is an expert in helping their clients plan for end of life and what happens on their behalf once they pass away. That includes numerous events such as funeral arrangements, guardian naming for children, future ownership of property and more. It also addresses what should happen if you are still alive, but are unable to make decisions for yourself (if you are in a coma, for example). They may also be able to help you put together trusts that provide income for beneficiaries while you are still alive, or protect against probate. There are plenty of online and automated estate planning services. However, they're undependable when it comes to sensitive or complex situations where the care of a human attorney is required.
You Should Employ an Estate Planning Attorney If:
You Have a High Net Worth
If you have a high net worth, of over $10 million or have substantial assets in 401( k) s or IRAs, then you should get in touch with an estate planning attorney. They will work alongside a financial advisor to manage the complex legal matters that are involved in large estates. In these cases, federal estate taxes can possibly be avoided or reduced with some smart planning.
If You Have Martial Concerns
If you have any financial duties or concerns over a divorce, then you'll need an estate planning attorney. They should recognize with family law to create a plan to meet your obligations.
If You Have Special Needs Kids
If you have a little one who has special needs, then you need to ensure your child is cared for and will still receive their economic assistance disability insurance after you depart. Software alternatives won't be able to think about the emotional and human implications that will be so important to you; contact an estate planning attorney.
If You Have Special Government Advantages
If you're at the age where government benefits are an integral part of your health care and financial set-up, then an estate planning attorney (who specializes in elder law) will be needed to structure your estate.
You Want to Prevent Probate
Probate is costly, stress-filled and often very time-consuming. That's the last thing any family wants after a passing. However, with the help of an estate planning attorney, they can set-up structures like a Revocable Living Trust to prevent probate after your death.
You Should Consider Employing an Estate Planning Attorney If:
Depending upon your situation, you may also require an estate planning attorney in St. Petersburg, FL if:
You Have Children
The number one reason Americans choose estate planning attorneys is to ensure their descendants are protected and receive a portion of the assets as intended. An estate planning attorney may also have the ability to reduce the need for probate, by naming a beneficiary at a brokerage firm (Transfer on Death) or a bank or credit union (Payable on Death). It's also worth considering that children may not be old enough to receive a large inheritance, in which case a trust can be prepared appropriately. Guardianship will also be covered, to ensure younger children are cared for and protected once you pass away.
You Have Philanthropic Goals
Lots of folks with valuable estates have wants to leave behind money to charitable organizations. It is also possible to set-up an income stream for the charity, while you're still alive. Under both circumstances, there are several benefits:
- Minimize or get rid of capital gains tax on assets that have been shared.
- Claim income deductions on charitable giving.
- Reduce federal estate taxes.
- Your money goes to a worthy cause.
- You have control over where your assets go.
An estate planning attorney will have the ability to analyze which approach is ideal for you.
You Own a Business
If you own a business, then you need to put a structure in position for a hassle-free transfer of its succession. For example, if you wish to keep it in the family, you can do so through a family limited partnership or a family limited liability company. It's crucial that you make an informed decision that benefits all involved. With an estate planning attorney, you'll make no mistakes.
If You Have a Complex Family Situation
Households that have stepchildren or step-parents involved may wish to leave different levels of inheritance. An estate planning attorney can plan to make sure that your assets are shared to meet your intentions only. You can also prepare, so your inheritance and wishes are protected if your spouse were to remarry after your death.
Will, Trust and Probate Attorneys in
The most suitable estate planning attorneys will have expert knowledge in all areas of family law, including wills, trust and probate. The main difference between a will and a trust is that a will only become active when you die, whereas a trust is active from the moment you create it. A will legally directs who receives your assets after your death and who is the legal representative to ensure the demands are met. A trust can take effect before death or after. The arrangement usually has two kinds of beneficiaries:
- A beneficiary that receives income from the trust during their lives.
- A beneficiary that receives what is remaining after the first beneficiary.
Trusts are usually used if you have financial assets, retirement assets, real estate assets or life insurance that requires more extensive planning. An estate planning attorney's
Probate Attorneys in St. Petersburg, FL
Probate is a legal process that handles an estate after a death, including proving the validity of the will. During this process, assets will be shared and creditors paid. A probate attorney in St. Petersburg, FL will manage the paperwork and court appearances, so the deceased's intentions are respected and all federal and state laws are followed. They'll be by their clients' side from the first day to the finish, and will protect them from creditors or other threats to the estate, for instance, harmful relatives or business partners.
Created on Sep 12th 2019 16:42. Viewed 733 times.