Know That Things Will Be Taken Care Of When You Are Gone

If you would like to have the peace of mind that the properties and other investment

assets you own will be taken care of and distributed to your family in a way that you see fit, estate planning is essential. Estate planning can be a delicate subject, but if you are the head of a household, or if you are the adult child of an elderly parent who has property or trusts, but who has not talked to a legal firm or attorney about wills or estate planning, it is important to do so while an open and coherent discussion about the family plan for real estate, financial investment, and even elder care can still take place.

While a financial magazine like SmartMoney offers plenty of tips about wills, trusts, and taxes, when it comes down to actually committing the estate planning to paper, it is wise to consult an estate planning attorney. The ins and outs of estate planning will be much easier if you have a lawyer to guide you through and provide counsel on maximum asset protection. Planning attorneys can inform and advise you on the latest news about estate taxes, gift taxes, planning law and know some of the best procedures related to estate administration. For instance, your property may qualify for an estate tax exemption, but without getting a lawyer involved who knows federal estate tax and estate planning law, you may either miss it, or get dinged with a tax you weren't expecting.

Once you have committed to seek out legal advice for your estate planning, you will likely find plenty of firms who offer the service of drawing up a will or durable will. While a durable will covers many of the basics we associate with inheritance and the divvying up of properties - including the selling off of a home or smaller properties, as well as who specifically inherits individual small property within the home - for more in depth and serious estate planning, it is recommended that an specialized estate planning lawyer be found.

When it comes to the estate planning for a more significant estate that includes multiple properties and some valuable investments, estate planning attorneys will be able to advise on the formation of a trust. A trust will be able to protect both the estate and future heirs from an undue tax burden that may result when their is a disagreement among heirs, or if legal action is taken by creditors against the estate. While the estate is in probate under such conditions, estate planning that has facilitated the formation of a trust can serve as a buffer against such probate and be a good means of asset protection.

The other aspect of estate planning that a lawyer can help facilitate is related to health and long term medical directives, including elder care. A person can outline in their estate plan certain preferences that address things such as whether or not they would like to be resuscitated if something dire happens. If a person is against resuscitation, a Do Not Resuscitate (DNR) order can be included in part of their estate planning. Power of Attorney, or who has the power to make investment and other decisions on a persons behalf if they are no longer able, is another consideration that ought to be discussed with a lawyer.

Most importantly, estate planning is something that should be addressed and written into a formal plan with the help of a lawyer, long before there is an actual need to execute the estate plan.

by: Evan Crumbly

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