For obvious reasons, a person's death is an unpleasant subject to speak about. Yet sometimes it is necessary. Take estate planning, for example. Have you ever thought about who will inherit what properties, businesses, items of yours when you do pass away? If you have particular people in mind for specific things, you ought to make a concrete plan for it. This means you must do some estate planning.
The only way to ensure that there will not be a huge fight amongst your loved ones when it comes time to dole out your possessions and/or money, as we just stated, is to document it. The best way to start is to hire an attorney who is an expert on such things. They can make sure everything is done according to any applicable laws in your state or country. This is important because you do not want the government to come in and seize your impressive home right out from under your daughter or your nephew.
Your attorney will also work with you on minimizing the income and estate taxes. That way your son or grandchildren will not be faced with burdensome tax payments on what you thought was a great gift for them. At this point, it is also possible to leave your assets that are taxable to your favorite charity. Estate planning is a much more extensive task than simply making out a will. This is where you will spell out the nuts and bolts of your assets and designate what you want to happen to them after your demise.
Another professional you should hire ASAP, with regards to your estate planning, is a financial advisor. They can help you make the most out of your assets and monies, both current and future. Make sure your financial advisor is an expert on rules for estate planning and for retirement accounts. Of course, it is also imperative that they know how to help you build up your portfolio so you can leave as much as possible to your heirs.
It is a good idea to make sure your estate planning lawyer, accountant, and financial advisor gets to know each other and work together as a team. This will ensure you have a sizeable nest egg to leave to your family and close friends. Do not leave anything to chance, start planning your estate today.
If you or someone you know needs an estate planning attorney, contact the family law firm Gerkin & Decker today.
