Estate planning involves making arrangements for one's assets prior to death or incapacity. To create an effective estate planning strategy you must account for tax and non-tax related matters. It's important to work with an estate lawyer who can help you with the end of life legal process.
It's no secret that everyone prefers to save money. This is perfectly fine when you are talking about groceries, auto repairs or vacation deals. However, there are some areas where frugality doesn't pay off in the long run: The law is one of them.
Dealing with the loss of a spouse is never an easy experience. Yet, aside from the emotional trauma, you'll also have to deal with the property left by your loved one. It is not uncommon for a spouse to pass away while having a retirement account, such as an IRA. This type of account can be inherited by the surviving spouse. Learn about the special rules involved when you stand to inherit the proceeds of an IRA.
It's been said before that estate law is a lot more complex than most people think. One of the things that makes it more complicated is the probate process. Due to this, many people look for ways to avoid probate to ensure that their assets are distributed in a timely manner. One popular way to circumvent probate is to use a payable-on-death designation on bank accounts and certain assets. Learn about when this can be a good idea, and when it can be disadvantageous.
In this time of modern technology, it's not uncommon to capture important moments on video. Whether it be by a cell phone or laptop, video communication is an integral part of contemporary life. Thus, it may make sense to think that it's possible to create a will by simply making a video. In fact, many movies portray this as a perfectly normal thing.
An estate plan can help your loved ones or heirs avoid undue problems after your death by ensuring there is someone to manage all your property as well as debts and to ensure that taxes and bills are paid on time. Without an estate plan, family members may suffer financial and legal troubles upon your death by missing important deadlines or having to deal with an unexpected tax liability.
Estate Law covers many topics dealing with a person's possessions and who gets what when it is time to pass on. It begins with creating a living will where the client has the options of what to do with the children if they are minors, the house and property they live on, the finances, and businesses they may have acquired in their lifetime. The will is a legacy they leave behind; those they see fit will get the inheritance.
Estate planning is organizing the management and disposal of an individual's assets during their lifetime and after death. It aims to fulfill an individual's wishes, minimize estate taxes, and provide financial security for loved ones. Estate planning often involves creating legal documents, such as wills and trusts, to guide asset distribution and safeguard beneficiaries.