People put off the creation of an estate plan for many reasons, but whatever excuse you have for delaying end-of-life planning is probably not good enough. There are many benefits to establishing an estate plan of your own. Your family will also be grateful for the time you took to establish a comprehensive plan. Here are a few reasons why you should talk to a Woodland Hills will attorney from our firm as soon as you can.
Can an Estate Plan Lower My Family’s Tax Burden?
You do not want your relatives to get stuck dealing with tax issues once you pass away. When you make an estate plan, you can take steps to lower your family’s tax burden. This is an especially important step for people with larger estates.
Our lawyers can advise you on ways to save your beneficiaries from large tax bills. We can also help you if you want to give gifts to relatives before you pass, making sure that you do not go over any limits or cause tax complications for the recipients.
What Happens to Assets That Are Not Included in an Estate Plan?
The problem with not having an estate plan is that you end up having no control over where your assets go. Die without a plan or a will and the state has its own laws regarding how assets are handled in probate court. The bulk of your estate is likely to go to your spouse or children, but what if that is not exactly what you wanted?
If there is something specific that you want to leave behind for someone, the court does not know that unless you have an estate plan in place. Having a plan means that you can include more beneficiaries and spare all of your relatives the time and expense of going through probate court.
How Can a Lawyer Help Me With My Plan?
An attorney from our firm can help you with every aspect of your plan. We can help you:
- Choose an executor for your will
- Decide which assets go to which beneficiaries
- Set healthcare directives
- Choose who gets power of attorney
- Help with life insurance planning
- Help you establish trusts for minors or beneficiaries with special needs
We can answer all of your questions and tell you more about how we can make a legally binding estate plan that ensures that all of your assets go to the right places.
Talk to an Estate Planning Lawyer
So if you are ready to make an estate plan and protect your assets, contact the Law Offices of Yacoba Ann Feldman. Our attorneys can help you with every aspect of your plan and we are ready to answer any questions that you have about this process. Make sure that everything is done the right way and establish an estate plan of your own.
