55% of Americans die without a will - and thus their estate becomes entangled in the specific laws of their state. Although these laws are designed to fit what the state thinks is a common pattern for how property should be distributed, they might not fit your wishes. A tri-county area FL estate planning lawyer can help you avoid that problem.
People in blended families should always consult a qualified attorney when thinking about how to write an effective will. Estates totaling higher than a certain threshold are subject to taxation, so they also require special consideration. The first thing to do when creating this document is to choose who will receive your assets.
In some cases, a living trust can help avoid probate costs - however, this does not always work, as the trust itself incurs costs - this is the kind of thing you should run past an estate planning lawyer.
If you have young children, you want to include information about guardianship after your death. Guardians are typically in charge of the portion of the estate the child inherits until that child reaches adulthood. You will likely name your spouse as guardian but you should have someone else in mind if both of you die.
You may name beneficiaries to any retirement plan or bank account you have. If you have a joint account, the other person on the account will automatically be the full beneficiary. A lawyer can help you pay less in tax if your total assets exceed the threshold. Any money left to charity or a legal spouse is tax exempt. A will may also include funeral and burial arrangements.
If all of this sounds complex - it is. Contact an estate planning lawyer for guidance and to help reduce tax burden and other costs you may leave behind.
People in blended families should always consult a qualified attorney when thinking about how to write an effective will. Estates totaling higher than a certain threshold are subject to taxation, so they also require special consideration. The first thing to do when creating this document is to choose who will receive your assets.
In some cases, a living trust can help avoid probate costs - however, this does not always work, as the trust itself incurs costs - this is the kind of thing you should run past an estate planning lawyer.
If you have young children, you want to include information about guardianship after your death. Guardians are typically in charge of the portion of the estate the child inherits until that child reaches adulthood. You will likely name your spouse as guardian but you should have someone else in mind if both of you die.
You may name beneficiaries to any retirement plan or bank account you have. If you have a joint account, the other person on the account will automatically be the full beneficiary. A lawyer can help you pay less in tax if your total assets exceed the threshold. Any money left to charity or a legal spouse is tax exempt. A will may also include funeral and burial arrangements.
If all of this sounds complex - it is. Contact an estate planning lawyer for guidance and to help reduce tax burden and other costs you may leave behind.
About the Author:
You no longer need to look in the local papers for a competent Tri-County Area FL estate planning lawyer. For utmost convenience, take a look at this web page now at http://www.trustwallach.com/.
No comments:
Post a Comment