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Important Factors to Keep in Mind When Estate Planning in Saint George, Utah

There are several difficult decisions that a person will have to make when they are planning their estate and writing out their Last Will and Testament. Anyone who owns any property or assets will need to take the time out to decide the proper arrangement and distribution of their estate while they are alive so it can easily be passed on and managed the way they intended when they are no longer there to represent themselves.

Anyone who wishes their family members or friends to benefit from their assets when they are no longer around themselves to help should make sure they contact a lawyer for proper estate planning. A thoroughly crafted estate plan that is legally compliant with all the requirements of the government will make everyone’s life much easier and will also make the difficult time easier to pass for the relatives of the deceased. The last thing anyone wants is for their loved ones to start worrying about the legalities of their estate when they are still in the process of newly grieving their loss.

The more assets a person owns, the more complicated the entire situation gets. An estate planning lawyer can sit with a person and guide them on what steps they should take to ensure that their taxes are minimized and to ensure their wishes are valued appropriately and put first when the estate is being distributed.

Different factors affect how the assets should be distributed and this includes the liquidity of the asset, the sentiment, and of course, the appropriate tax planning.

Paying Estate Tax in Saint George, Utah

When considering estate planning, the tax is a major part of it. Anyone who has tangible assets will have an estate tax that must be paid by the family. The family members can sell the assets to pay the tax. The tax assessment will be based on the fair market value of the estate.

All of the details and legalities can get very complex, and if a person has a lot of assets then matters will become that much more complicated. It Is not recommended for a person to try to deal with their estate planning on their own without the help of a professional.

Get in touch with an estate planning lawyer at the Law Office of Barney, Mckenna, and Olmstead to discuss the most essential factors to manage one’s estate.

Reach us at:

43 South 100 East

Suite 300

(435) 628-1711

OR

590 W Mesquite Boulevard

Suite 202A

(702) 346-3100

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