Estate planning attorneys are experts at drafting wills, trusts, and other legal documents to manage and distribute an individual’s property after death.
Estate plans can help protect your assets from family disputes and costly probate court proceedings. They can also help you pass on more of your wealth tax-free.
You Want to Avoid Probate
Probate is a public proceeding in which your assets must go through the court system to be distributed. Make sure your estate is well-protected if you wish to avoid probate. This can be accomplished by working with an expert attorney to create an estate plan.
Transferring ownership of your property and other assets into a Trust is one of the finest ways to shield them from probate.
This can eliminate probate proceedings and allow beneficiaries to enjoy their assets without legal hassle.
You Want to Protect Your Assets
Asset protection safeguards a person’s wealth against creditors and litigants and eventually passes it to their heirs without paying taxes or court proceedings.
In a litigious society, one lawsuit or acrimonious divorce only destroys the wealth you’ve built over years of hard work.
This is why you need an estate planning lawyer specializing in asset protection to protect your assets against creditors, judgments, and legal claims.
A skilled asset protection attorney can create a plan to protect your assets, deter frivolous claimants and force creditors to settle out of court. They’ll also help you find the best insurance policies for protecting your personal property and business assets.
You Want to Avoid Litigation
If you own a business, you know how costly, time-consuming, and unpleasant litigation can be. Your financial situation, reputation, and emotional health may all be impacted.
It can also take away from the work you must do for your company. If you can avoid litigation, it’s a much better use of your time and money.
Fortunately, there are now numerous options to avoid litigation. These include arbitration and mediation. These processes can help you resolve disputes before they get to court, saving you money and avoiding a lengthy trial.
You Want to Avoid Taxes
An estate planning lawyer specializes in creating legal documents to ensure your assets are transferred according to your wishes. This includes writing a will, power of attorney, and living trust.
An attorney may bill you based on an hourly rate or a flat fee. These fees vary from firm to firm and state to state, so get a quote before you meet with them.
The estate tax is a big concern for people with many assets, significantly when their estate exceeds federal and state exemption amounts. If you are over the threshold, it’s best to talk to an estate planning attorney immediately.
You Want to Protect Your Family
Your family is your top priority; thus, you want to ensure they are cared for if you pass away. By putting an estate plan in place, you may ensure that your desires are carried out and that your assets are transferred in a legal and tax-efficient way.
A good estate planning lawyer will understand the various laws and options available to you, so they can help you create a comprehensive plan that fits your unique situation. This includes a will and other essential documents such as a power of attorney (POA) for financial matters and a health care proxy, also known as an advance medical directive, to make medical decisions if incapacitated.