It’s often difficult to think about the future. However, some questions may crop into your mind about what will happen to your family, legacy, and assets when you’re no longer available.
The world is full of uncertainties, making real estate planning an important legal procedure. It was designed to ensure your loved ones are cared for, your wishes are honored, and your legacy endures.
An estate planning attorney can help you safeguard your future, whether you’re seeking peace of mind or you’re a high net-worth individual. Lawyers from Lissner & Lissner Company are experienced in dealing with the challenges surrounding real estate and can save you from falling into pitfalls. In this article, you’ll learn about seven problems that these attorneys will help you solve.
Estate Tax Mitigation
Estate taxes can be a heavy burden to bear when you die. They can also reduce your asset’s value. Mitigating them before you pass on can be a crucial decision. Estate taxes are imposed on a person’s assets when they die. The exemptions and rates of these taxes vary by jurisdiction, although they can be quite substantial. This makes it important to reduce their impact.
Estate planning lawyers can help you deal with these taxes. Learn more about estate planning. Depending on your circumstances, they’ll devise the best strategy to legally eliminate or reduce the taxes. They may, for instance, use the irrevocable insurance trust to protect some assets from being taxed. That way, your loved ones will be able to receive a substantial portion of your wealth.
Asset Protection
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Anyone who has gathered substantial assets in their lifetime should find ways of protecting them from lawsuits, creditors, and financial challenges. Protecting an estate shouldn’t only be a preserve of the wealthy.
Fortunately, estate planning lawyers understand how to protect assets. They’ll help you create strategies, such as establishing irrevocable trust to make your property less vulnerable to creditors. Instead, your assets will be transferred into the trust giving you more control over them.
Minor Children Guardianship
Your minor children need to be shielded from unscrupulous individuals who may want to get their hands on your hard-earned wealth. You need to have a plan for taking care of them in place in case you and your spouse pass away.
An estate planning lawyer can help you name guardians for your kids. These individuals will assume the responsibility of taking care of your children in case you die or become incapacitated. A lawyer will work with you to create a framework that will ensure the court honors your wishes. Additionally, they’ll help you select the best guardians for your kids.
Avoiding Probate
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It’s important to go through probate, to state how you’ll settle your debts, distribute your assets, and validate your will after your death. It’s unfortunate that many property owners choose to avoid probate because it’s costly and time-consuming. Some people also avoid it because of public scrutiny.
Estate planning attorneys are skilled at dealing with probate issues. They know how to shorten the process and keep your estate secure. If you don’t want to go through probate, they can help you to establish a living trust. Assets placed in this type of trust can be transferred directly to beneficiaries without going through probate. This can speed up the distribution process and maintain your privacy since trusts aren’t subjected to public records.
Incapacity Planning
You can be incapacitated at any time due to an accident or illness. Such a tragedy can make it difficult for you to make decisions about your estate. And if you don’t have someone else to make important decisions about your inheritance, if you pass away, the court will use the jurisdiction’s estate laws to divide your properties among your beneficiaries. You don’t want this to happen as it might disadvantage your heirs.
Fortunately, estate planning lawyers can help you with incapacity planning. They help you to obtain crucial documents such as healthcare directives and power of attorney. Through these documents, they’ll designate trusted individuals to help you make medical and financial decisions when you’re incapacitated.
A legal professional will also make sure that the documents are crafted according to your state’s laws. This will make them effective when presented before the court.
Charitable Giving
Some individuals have a deep desire to leave their inheritance to charitable organizations. Charitable giving is great because it reflects your values and also supports organizations that you hold dear. If you’re not careful, leaving an inheritance for a charitable organization may be challenging, especially if you have other beneficiaries. Without a written document, the heirs may fail to give a portion of your estate to charity causes.
The good news is that an estate planning attorney can include charitable giving in your plan. They may also come up with strategies to help you make meaningful contributions to these organizations. This way, your legacy will continue long after you’ve gone.
Family Conflict Resolution
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Estate and inheritance issues can cause family conflicts. Misunderstandings about the distributions of the estate, sibling rivalries, and differences in expectations can strain your heirs’ relationships. The conflicts could also frustrate you in your sunset years, causing you to die miserably.
An attorney understands that estate issues can bring conflicts. If your family is facing such an issue, these lawyers can help you address them. They’ll facilitate discussions among you and your beneficiaries, create legal documentation that’s difficult to misinterpret, and clarify your intentions.
They may also recommend mediation as a method for solving your conflict. If they can strike a compromise, your wishes will be ultimately honored, and your family ties will be preserved.
Wrapping Up
Estate planning was designed to address several concerns. An estate planning lawyer can help you deal with probate and tax issues and protect your property. Read more about the benefits of hiring an estate planning attorney. They’ll also facilitate your intentions for charity giving, help you plan for incapacity, and save your family from conflicts.
If you want the estate planning journey to be a breeze, consider enlisting the help of these attorneys. They’ll analyze your family dynamics, consider your values, and assess your long-term goals before creating a plan that reflects and fits into your unique circumstances. Contact a skilled estate planning lawyer today to invest in your family’s well-being and preserve your assets.
