What an estate planning law firm can do for you
Most people know that a last will and testament is the centerpiece of any solid estate plan, but it’s not the only piece. There are many other steps you need to take to ensure that you take care of your family after your death. Failure to do so could jeopardize your legacy and leave a big mess for those you leave behind. With that in mind, here is what you can expect from estate planning services.
You may not be able to pass on your memories, but a well thought-out arrangement can reflect your hopes and values. Although your primary goal is to care for your family after you’re gone, there are other more specific goals that an estate planning law firm can help you achieve, including:
-Minimize confusion and delay during the liquidation of your assets
-Help your heirs avoid paying more than they owe in inherited property taxes
-Manage your legal and financial affairs in the event you become disabled or incapacitated
-Protect your assets against the rising costs of long-term health care
-Make sure your wishes are followed regarding medical decisions and care in case you are unable to make those decisions for yourself.
-Provide your loved ones according to your wishes after your death.
-Supervision of charitable donations
-Work with the executor to manage the distribution of their assets
One of the most common mistakes people make is not making short-term fixes. Death seems like something that will happen in decades. As such, some people are unprepared when an unexpected accident results in disability or death. Of course, the expenses associated with any of the events could upset any long-term financial goals. That is why probate attorneys should always consider both short-term and long-term options. They can recommend buying life and long-term care insurance. These policies will protect your assets in the unlikely event that you suffer a reduction in the prime of your life.
Another goal of estate planning is to help your heirs avoid unnecessary taxes. Although the transfer of wealth in the United States almost always involves a variety of charges and fees, there are ways to limit them. Trusts and annual gifts, for example, are common strategies that an estate planning law firm can employ to avoid unnecessary expenses.
Although they do not manage money, attorneys often work closely with their clients’ financial advisers. For obvious reasons, the attorney needs to know the size of the estate before being able to recommend short-term and long-term goals. These plans can, and often do, change based on input from financial experts. If, for example, the client loses a quarter of its assets in a stock market crash, the lawyer would have to make the necessary adjustments in the short term.
An estate planning law firm can help you prepare for the inevitable with a strategy that will secure your legacy.