Estate PlanningProper estate planning can provide peace of mind for you and your family (and remove in case the worst should occur), all created according to your intentions and wishes.
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One part of the future that most people do not like to think about is their own demise. While it is an understandable subject to avoid, the problem is that your estate will suddenly become the responsibility of those you have left behind. Proper estate planning can provide peace of mind for you and for your family in case the worst should occur.
What is Estate Planning?
A proper estate plan is more than filling out a will. It is the proper disposition of what you own in case something happens to you. Whether you need a simple plan to cover a small amount of assets or a more comprehensive one that covers investments, business ownership, and more, getting your estate in order in case something happens to you is vital.
This is because the state has an estate plan in place for those who do not plan for themselves. By acting today, you can help your family avoid the delays and expenses associated with state law in terms of the disposal of your estate.
What to Do?
Now that you understand the importance of proper estate planning, the next step is consulting with an experienced attorney who can provide the guidance that is needed. The planning process will most likely include the following.
Establishment of a will, designating a health care surrogate, and power of attorney
Protecting property status and taking advantage of exemptions
Minimizing or eliminating probate, which can delay the disposition of your estate
Establishing a trust, assist with business planning, and protecting assets
Lowering or eliminating the tax burden your estate may cause
By putting a plan in place today, your family can avoid many of the issues in disposing of your estate if the unexpected should occur. You are creating a blueprint that will be followed if the time comes that someone else will handle your estate.
When passing the estate to your designated relatives or individuals, they may face a sizable tax penalty thanks to the estate tax. The payment of such taxes may be far more than they can handle. You can help avoid such burdens with proper planning.
Establishing a Trust
By creating a trust, you bypass the probate process as your assets can be passed to those who benefit immediately in case the worst should happen to you. In addition, some types of trust create tax advantages that can lower what you owe to the state.
Disposing of Assets
How your estate is disposed of will be determined by you and not the state. This means that quick action can be taken which may minimize or eliminate the probate process depending on the circumstances. For those who may need the assets of the estate to pay off funeral expenses and the like, proper estate planning is crucial.
Where to Get Help?
If you are not sure how to dispose of your estate in case something happens to you. Or, you are suddenly faced with disposing of an estate left by a family member, John Tallarido, P.A. is here to help. By providing guidance to proper estate planning, you will find peace of mind when dealing with this unexpected event.