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Why You Should Work With An Estate Planning Attorney
There are many things that you can do to make sure that you’re prepared in case you become ill or incapacitated. One of these is to contact an estate planning attorney. This way, you’ll be able to ensure that you’re protected against lawsuits. Also, you’ll be able to minimize your taxes when it comes to the money that you inherit from your family.
Prepare for situations where you’re incapacitated
If you are considering planning for the event of incapacity, working with an attorney may be the best option. In addition to protecting assets, an incapacity plan can make the medical needs of an incapacitated individual met in an emergency.
An Advanced Directive is a document that states a person’s wishes for health care and life-sustaining measures in the event of incapacity.
Another major step in preparing for incapacity is to create a power of attorney. A power of attorney is a legal document that allows you to authorize someone to make financial, legal, and healthcare decisions on your behalf.
There are two kinds of power of attorney. The other is an ordinary POA.
However, a durable POA typically comes with a time limit.
Knowing where your documents are can help ensure that your trusted family members are able to make vital healthcare decisions in the event of an emergency.
The best way to protect yourself and your heirs from the ravages of time is to create a comprehensive estate plan. This includes not only a will and a health care directive but also a succession plan and other related documents. A qualified lawyer can walk you through the process and point you in the right direction. With the right information, you can avoid lawsuits, snag some lucrative real estate deals and save a bundle of cash.
It’s a good idea to engage a lawyer early in the game, but it’s also a good idea to do your homework. For example, a good ol’ Google search will turn up plenty of free online legal resources, including the likes of legal blogs, online forums, and legal directories. By taking a proactive approach to your estate planning, you’ll be well on your way to an amicable end of life. If you have questions, don’t be afraid to ask.
Creating a thorough estate plan can also minimize the likelihood of you passing on a massive insurance bill.
Minimize estate taxes
For those who are in the midst of retirement, you may want to consult an estate planning attorney to minimize your estate taxes. Many people find that paying the federal estate tax burden is more than they can handle.
In some cases, it is possible to avoid an inheritance tax by having life insurance. Make sure your insurance payout is large enough to cover your estate taxes.
Another way to lower your tax liability is to invest in a business. This makes your heirs part owners of the company. They will also receive monthly income from it for as long as it operates.
An estate planning attorney will be able to help you draft a plan that will allow you to pass your wealth on to family and friends.
If you live in one of the states that impose estate taxes. You can also work with an attorney to minimize your liability. By lowering the total value of your estate. You can help keep your estate below the federal threshold.
Estate planning is a complex and intricate process. But an attorney can make sure you are getting the most out of your assets.
Your attorney can guide you through the complex legal and financial maneuvers. That will leave your loved ones with the greatest amount of money.
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