Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. A major concern for drafters of estate plans is federal and state tax law.

Estate planning legal services involves the will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney, specifically the durable financial power of attorney and the durable medical power of attorney. After widespread litigation and media coverage surrounding the Terri Schiavo case, virtually all estate planning attorneys now advise clients to also create a living will. Specific final arrangements, such as whether to be buried or cremated, are also often part of the documents, and more sophisticated estate plans may even cover deferring or decreasing estate taxes or winding up a business.

Many people (and even some attorneys) confuse a living will with a durable medical power of attorney. A living will sets out directives concerning end of life decisions, whereas a durable power of attorney gives all medical decision making authority to an appointed individual upon incapacity, including end of life decisions. Some people have both a living will and a health care power of attorney. Some, who wish to give complete discretion to a loved one, including end of life decisions, have only a health care power of attorney. AARP has some helpful estate planning information and an estates and trusts attorney can help explain these options to you.

Benefits of hiring an attorney for estate planning

Only an estates and trusts attorney who regularly practices in the fields of wills, trusts, probate and estate planning is able to provide you with sound legal advice as you put your estate plan into place. Attorneys who specialize in estate planning will know the most current tax laws and get help you get the most money and assets to your heirs.

Often the expense incurred in retaining an attorney to prepare and help you put an estate plan into place is worth hundreds of times what you and your family might pay in taxes with no planning.

Related Posts
DUI:Driving under the influence
Dui (DUI), generating while intoxicated (DWI), drunk(en) generating, drink generating, working under the impact, generating under the impact, or impaired generating is the criminal activity of generating a automobile with ...
READ MORE
Help with divorce cost
Divorce is anyway not a very pleasant experience. And when you consider the emotional, physical and financial trauma two of them undergo, it is really tedious to deal with it. ...
READ MORE
Defenses: Most often raised to drunk driving charges?
Drunk Driving is the act where in the driver drives the vehicle under the influence of alcohol or drugs. This is to such an extent that the person does not ...
READ MORE
Difference Between DUI and DWI?
Within the field of regulation, there's much concentration on DUI and DWI prosecutions. With the amazing data for both in Texas, it is incredibly essential to become informed on the ...
READ MORE
Basic landlord laws in US
If you're a landlord and you want to protect your real estate investment, you need to have the knowledge that relates to all the state statutory and common laws governing ...
READ MORE
Why Should a Landlord Hire a Lawyer?
If you have some real estate properties on rent, you may not need a staff lawyer, but it would be best to consult a lawyer constantly. Just like any other ...
READ MORE
Do you need a Real Estate Lawyer or not?
When buying your own home, you will need to garner the assistance of a Real Estate lawyer to ensure that the transaction goes smoothly. There are a number of demands ...
READ MORE
How to check your landlord?
Just as the landlord screens the tenants, you should also check out your landlord. Your landlord wants to know if you are diligent in paying the rent. You should also ...
READ MORE
Why driving and cell phone usage shouldn’t be mixed?
Cell phones are technologically advancing at a significantly fast pace. Before, you can only use it to text and call. Now, you can use it to browse the internet, send ...
READ MORE
Zoning laws – Avoid Zoning trouble
The primordial rule for business location is to never sign a lease for a business zone or space if you are not yet completely sure that you are legally allowed ...
READ MORE
DUI:Driving under the influence
Help with divorce cost
Defenses: Most often raised to drunk driving charges?
Difference Between DUI and DWI?
Basic landlord laws in US
Why Should a Landlord Hire a Lawyer?
Do you need a Real Estate Lawyer or
How to check your landlord?
Why driving and cell phone usage shouldn’t be
Zoning laws – Avoid Zoning trouble