Proper estate planning involves a series of steps that must be carried out before a person becomes unable to represent themselves. A good estate plan will involve controlling their property while they are alive while planning for them and their loved ones in the case they become disabled at the same time. It also involves deciding and legally recording what a person wishes to give in the manner of their choice, and also controlling the costs of the estate distribution process.
The only way a person can avoid unnecessary taxation of their estate is by getting in touch with a lawyer and carrying out proper planning in advance. When a person fails to carry out proper estate planning, their estate may be subject to heavy tax when they pass away. The most common example of this is with regards to retirement accounts and IRA’s which often follow very complex rules. If a person has significant assets, then their loved ones may even have to pay more than half the amount in estate tax, so a person should finally make sure they plan in advance to avoid any potential complications.
There are so many legal complications to estate planning, and everyone should make sure they connect with an estate planning lawyer as soon as possible so they do not end up missing the chance to have their wealth and assets properly managed for their loved ones when they pass away, or in the case, they reach a mental state where they are no longer able to make decisions for themselves.
Is creating a trust necessary in Saint George, Utah?
A trust is usually expensive, but it offers detailed planning options that go into far more detail than a regular will. If a person wants to plan intricate matters like creditor protection, disability planning, and similar matters, they will need to have a trust created through the help of a qualified lawyer. This legal document will provide them with the protection and guidance their family needs during their grieving period and throughout the estate distribution process.
The size of a person’s estate is important to consider when estate planning, but it is not the only factor. An attorney can go into the details and help a person understand the legalities of their situation. Speak with an estate planning attorney at the Law Office of Barney, Mckenna, and Olmstead as soon as possible to get assistance with creating the best estate plan.
Reach them at:
43 South 100 East
590 W Mesquite Boulevard