Why You Need An Estate PlanThere are many reasons as to why you should get a head start with creating an estate plan with your attorney. Below are the top reasons why we think you should get one. When planning through the Law Offices of Lawrence H. Nemirow, you’ll be assisted in the best way possible.
Having an Estate Plan to Protect Your BeneficiariesTypically, one’s goal is to protect minor children, and protect adults in their lives from negative influences, negative decisions, and negative future possible scenarios such as divorces and credit problems. When it comes to minor children, in all states, there are laws that necessitate a guardian to watch over their needs as well as their finances until they turn the legal age of 18. Depending on the state, the legal age may be 21. Now if the beneficiary is legally an adult and has shown no responsibility when it comes to managing money, or has a significant other that will consume the beneficiaries money, then a separate estate plan can be made to protect them, as well as others.
Avoiding ProbateMany start looking for an estate planning attorney to avoid probate. Probate is a long process of creating and authenticating one’s last will and testament. There are many stories told by friends, family, and acquaintances where the probate process has left them feeling uneasy.
Avoiding TroubleUsually, people start realizing they need to start making plans with an estate planning attorney when they see someone they are close to going through an experience that was seen as wasteful in terms of time and money all due to one’s failure to create an estate plan.
Protecting Assets From CreditorsMore than just wanting to avoid stress, many have chosen to seek advice from an estate planning attorney to protect their assets from unseen creditors. It’s important to have a plan for protection right away, because once a lawsuit is around the corner, unfortunately at that point, it’s already too late. In order to be prepared, a client and their attorney should come up with a couple estate plans that will financially benefit the client during their lifetime, and their beneficiaries after the client’s death.
Minimize Estate TaxesWhat drives people to get estate plans put in place are due to the loss of an estate because of payment of state/federal or inheritance taxes. There are basic steps married couples can do to minimize or even get rid of estate taxes. In order to do so, specific trusts would need to be created as part of their revocable living trusts. Essentially with advanced techniques from an attorney, it is possible to have the estate or inheritance tax completely go away.
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