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Often times you receive letters from your bank or financial adviser asking if you have done your “Estate Plan”. But, a financial advisor can only help you with the financial planning aspects of your estate. You need a skilled and qualified Estate Planning Attorney to draft the legal documents that create a legally valid Estate Plan. An estate planning attorney will ensure that your affairs are in order and all of your documents are valid and can be implemented. Without legal advice, your affairs will be left up to your family and they may be unsure of how to divide your assets. Sometimes this can cause family infighting. In other cases, without the proper estate plan in place, the fate of your assets and life’s work can be left in the hands of the courts. There are various reasons why people need an estate planning attorney and create an estate plan. Reasons To Hire An Estate Planning Attorney. Avoid a Mess. We usually see issues that come up for people who do not plan for long term protection of their assets. This can leave an unintentional mess for your family after you pass. For example, one of the most common problems that occurs without an estate plan is that your family can end up in lengthy court battles in probate court just to receive the assets you wanted them to get in the first place. However, with proper planning and guidance froman estate planning attorney, scenarios like this can easily be avoided. Protect Assets. Asset protection planning is dedicated legal action that protects your assets from future creditors, divorce, lawsuits or judgments. Asset protection means helps safeguard your assets from potential lawsuits. Individuals and other business organizations use asset protection techniques to limit trustee access to certain valuable assets while operating within the bounds of debtor-creditor law. Reduce Estate Taxes. Estate taxes can sometimes be minimized depending on the size of your estate.Potential methods to reduce estate tax include: • Giving annual tax-free gifts to as many peopleas you wish each year • Irrevocable Life Insurance Trust (ILIT): Transfer life insurance policies to irrevocable life insurance trust. • Personal Residential Trust:Removes home from estate at discounted value. • Grantor Retained Annuity Trust:Removes income-producing assets from estate at discounted value. • Limited Liability Company: Transfer assets to your children to reduce your taxable estate. These are complex techniques that may or may not apply to your unique situation, so it is usually best to consult with an experienced estate planning attorney. Protect Beneficiaries. Your beneficiaries may receive a considerable inheritance when you are gone. In order to protect those you love, take an inventory of your assets and think about whether you have any of the following: • Life Insurance • Pension • Death Benefits • Retirement Accounts • Transfer on Death Deeds • Real Estate (which could be sold when you are gone) • Business (assets and income) • Trademarks, Patents, Copyrights If you own any of these types of assets, it is best to consult with an estate planning attorney about how to protect these assets and pass them onto your family. Contact Rochester Law Center for an Estate Planning Attorney About Author -Jim Turner is a USA based author of Legal issues related to estate planning, will & trust , busuness law and elder law .Jim Turner does his best writing on these topics that helps users to find the best solutions to their FAQ on estate planning , probate , living trust and more about legal family issues .
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