Even after a person passes away, their property will not be left alone, and their family members will have to arrange for the property taxes on their estate. To save everyone a lot of time and trouble, a person should make sure they get proper estate planning done. Estate planning will protect a person’s assets from unnecessary tax so their family can enjoy the assets they left behind, the way they intended them to.
Probate expenses and state taxes are not the same. The federal estate taxes due on one’s property can be quite expensive, and they must be paid within a year of a person’s death. A person needs to plan their estate properly, so these taxes are diminished and paid promptly.
Determining the net value of a person’s estate is important when calculating taxes due. A person can determine their current net value by adding their assets and then subtracting the debts from them. Their assets include bank accounts, houses, IRAs, personal property, and businesses.
A person can reduce their taxes in three main ways. They can use estate tax exemptions for both themselves and their spouse if they are married. They also have the option of removing assets from the estate before the date of their death. Thirdly, they can purchase life insurance to replace the assets given to charity.
Why do I need an estate planning lawyer in Saint George, Utah?
Estate planning and writing out a legal Last Will and Testament is not something that a person should try to do on their own. Anyone who has assets and wants to ensure they are handled safely and managed the way they desire after they pass away should connect with an attorney who specializes in this area.
Since a person will no longer be around to help their family members when their estate is being distributed, so they should make sure they take care of all the legalities beforehand. Since the family will be grieving and won’t be in a state of mind where they can handle dealing with complicated estate law, it is highly beneficial for them if the work is taken care of beforehand.
Get in touch with an estate planning lawyer at the Law Office of Barney, Mckenna, and Olmstead to begin proper estate planning.
Reach them here:
43 South 100 East
590 W Mesquite Boulevard