Trying to plan out how your assets will be divided and how your loved ones will be cared for once you pass on can be a very frightening and confusing experience. Thankfully, estate planning lawyers can help you make the whole process quite a bit easier and less stressful to deal with. Listed below are two important reasons to hire an estate planning attorney.
Minimize Estate Taxes
One of the hardest parts about dealing with your will is trying to figure out how to get your loved ones the most amount of money and property possible when you pass away. However, this can be quite difficult as estate and inheritance taxes are typically quite high. One way that an estate planning attorney can help you minimize the impact of theses taxes is by having you gift your property to your loved ones before you pass on.
Yes, your gifts will be subjected to taxes as well, but the tax rate will be lower than that of estate or inheritance taxes. Another way to help you minimize or eliminate the effects of inheritance taxes is to consider making some of your property joint-property. When you pass on, the joint property will simply pass on to the other owner without him or her having to worry about the inheritance or estate taxes.
Arrange For Your Child's Care
Another major concern that an estate planning attorney (such as Donald B Linsky & Associate Pa) can help you deal with is arranging for your child's care if you should happen to pass away when he or she is still a minor. In that situation, an estate planning attorney can help you select and name an appropriate guardian as well as set up a trust to care for the child. The trust will allow you to set up a fund that will enjoy a few tax breaks and also provide for your child's day-to-day needs and education expenses.
This option will also allow you to specify requirements that must be met before your child can take over the money in the fund. This can range from requiring that your child completes a college education or simply that he or she reaches the age of 18.
Speak to an estate planning attorney today in order to start the process of ensuring that your wishes are carried out once you pass away. An estate planning attorney can help you ensure that your children are cared for when you pass away while also attempting to minimize the impact of inheritance and estate taxes.