Almost all individuals or corporates can benefit by investing in an estate planning lawyer. Hiring a lawyer will ensure that they get the best value from their land and other fixed assets during their lifetime and after it. While almost all of us buy homes, offices and other pieces of land with some specific purpose in mind, there are various considerations apart from the present use that need to be considered. These considerations may include the rate at which the property will escalate, the taxes to be paid, whose name it should be registered in and the best way to gift it. Estate planning companies help answer such questions and many more. It is therefore important to hire a reputed law firm or a real estate attorney to guide and advise you at every step when it concerns large investments or gifts. It is not common for these companies to also provide advice and support in related legal matters so be sure to ask for all the expertise areas.
Some of the common areas of consultation within estate planning and related areas include the below:
It is important to hire a real estate attorney or estate planning firm with a good reputation and experienced lawyers. It is also a good idea to seek references from friends or past clients of the company. A visit to the website is a must as is a personal meeting with the team that will be handling your case.
In matters of estate planning, one should be very careful as you are in effect handing over your financial planning to another. People will large fortunes would do well to have a dedicated real estate attorney working around the clock to watch out for their interests. The smallest change in legislation can impact your financial interest in a big way and need to be lobbied for or against.
No one likes to think about his or her mortality, let alone plan for it. That’s why most of us procrastinate when it comes to all things funereal. We don’t want to confront our inevitable end. But if we pass away when we are financially unprepared, our friends and loved ones will pay for our inaction.
When you die without a will (intestate), the courts decide how your money and assets will be divided. How? Apportionment is always based on legal and blood relationships. In most states, when a married person dies intestate, one-half of the estate automatically goes to his spouse, and his living descendants share the other half. Friends and distant relatives are not entitled to anything no matter how close they were to the departed.
For these reasons and more, prudent estate planning is necessary to ensure your family and loved ones are taken care of after you’re gone. It also gives you the opportunity to set something aside for friends and relatives who are not provided for under state law. It should be noted that the state charges administrative fees when tasked with the disposition of personal assets.
Because it is such a gloomy, uncomfortable subject, most people wait until the last minute to plan their estate. But the fact remains that accidents happen every day. Even if you are in the prime of your life, it is important to prepare for the inevitable as soon as possible. Furthermore, estate planning isn’t only about money and assets and who gets what. It also includes medical directives that explain how you want to be cared for if you are ever incapacitated and cannot care for yourself.
We know that it’s not a pleasant subject. But family members and loved ones invariably feel a lot better if they know they’re following your wishes. Failure to get them down in writing could force people to make hard decisions they might come to regret. Worse yet, these decisions could cause friction in your family and lead to a rift. To avoid the unthinkable, a person must endure a little unpleasantness with the help of estate planning law firms.
The number one mistake most people make is not doing anything. Dying without a will or getting sick without any medical directives in writing is a recipe for disaster for everyone who cares about you. Feuds over money and assets can and sometimes do destroy families, both socially and financially. It is not at all uncommon for siblings and even parents to sue each other when a patriarch or matriarch dies without a valid will.
Because the laws are constantly changing, it is always a good idea to have an experienced estate lawyer draft your will and document your medical directives. As macabre as it may be, at least the process is cheap. A full estate planning package from most of the top law firms typically starts at only around one thousand dollars. That’s not much to ensure your family’s future!
You have two choices regarding how your assets will be distributed to your heirs in the event of your death. First, the can be distributed according to the express wishes contained in the estate plan you drew up with the help of an estate planning law firm; or second, they can be distributed according to the laws of inheritance established by your state legislature because you o never found the time to make a will. As amazing as it sounds, two out of every three Americans end up picking Door Number Two.
If you have an estate to leave to future generations and you reach your retirement years, it is only natural that your family will be curious as to who gets what. If you don’t even understand yourself, it’s time you started thinking about planning your estate. Get out a pen a paper to organize your thoughts and figure out all of the assets you have including property, investments, annuities, and other items like jewelry, cars and antiques. Once your thoughts are organized, call to make an appointment with an estate planning law firm. They will come up with a plan to distribute and manage your assets while reducing taxes and probate fees.
If you have a large estate to distribute, don’t rely on your family lawyer or accountant to execute your final wishes and settle your affairs. When you are ready start making your final arrangements, you need to talk to an estate law planning firm. One of the things they will talk you about is the expensive and unexpected costs that will come up upon your passing. They will also help you plan so that these costs can be paid quickly, so they don’t hold up the distribution of assets to your heirs. There is a lot to learn about passing on a large estate to the rightful heirs, so talking to someone with this expertise is invaluable.
Any one you owe money to at the time of your death has to be paid before any of the family can have anything. This is why it is important to have liquid assets available in order to clear up any bills that are outstanding, so that the family can start getting paid. An estate planning law firm can set this up for you.
There are many ways to make your estate look meager and non-taxable to the court in order to keep your estate intact and pass the bulk of it on to your family. The idea is to separate your estate from your assets and keep them out of the probate process. For this you will need help. An estate planning law firm can develop gifting strategies and living trusts that can be arranged to be available at a specified later date.
Finally, estate planning law firms can give you guidance in deciding on your final health care directive, or living will. A living will is designed to let your caregivers know what sort of health measures you want or do not want during your final illness, should you become incapacitated. And a power of attorney for will let you choose the person to be in charge of your health care if you are unable to express your wishes. It’s a simple reality that having a layman’s understanding of inheritance laws is simply not and adequate foundation for ensuring that your final wishes regarding your estate will be honored. You need the professional advice available from estate planning law firms, with their knowledge both of the law and of financial planning. Making sure that their final affairs are in order is the best way for most people to enjoy retirement, their family and their life. Talking to an estate planning law firm is the first step to stop worrying and start relaxing.
Depending on the complexity of the estate, the health of the individual, and other factors, practically everyone may need the services of an estate planning lawyer at some point. Sometimes individuals will work with a lawyer on behalf of a relative or loved one who is no longer able to manage their own affairs. After having children, some families decide to create trusts, which is a document similar to a will, but also helps manage property before death. Some common reasons for hiring an estate planning lawyer include the need to create:
There are plenty of great deals on housing available these days, but not all of them involve simple transactions. In fact, some are quite complicated, which is where an experienced real estate law firm comes in. Most people do not know their rights when dealing with home transactions, which is why no matter what your plans are, you can likely use the help of someone who has years of experience in this field. Find out what a real estate law firm can do for you.
Not every home sale or purchase is simple, and when dealing with a large amount of money, it is important to know everything possible about the transaction before it is completed. Whether you are buying or selling a house or condo, and whether it will be your primary residence or an investment, you could probably use a good attorney on your side. A lawyer will let you know what to expect from the purchasing or selling process, and can ensure that all the paperwork you need is in on time.
If you already own a home but want to refinance the mortgage, you probably have questions. A real estate law firm can likely help you get your queries answered so that you have everything you need when you approach your lender for a lower interest rate. This can make sure that you do not waste your time, and that you get the lowest rate that you are entitled to.
Some people who own investment homes encounter trouble with their renters. Whether they do not pay on time or at all, it may be necessary to get a professional involved in the matter. A reputable real estate law firm can help you get your money. If you have not yet had any problems but want to make sure you are covered in the future, a lawyer can help you draw up a contract to protect you and your property. Your attorney should also be able to let you know what your options are should your renter not cooperate with the agreement. Buying and selling property involves a lot of money changing hands, which means there may be occasion to be taken advantage of. If you want to safeguard your property and your finances, you may need professional assistance. This way, you can make sure that you are going about your real estate transactions the right way, every time.