Time to do estate planning? Estate planning is an important part of anyone's financial life, as we do tend to accumulate money and property over time. While it might not seem like a lot to us, our family will benefit from our estate planning even if we have a modest amount in our investment portfolio and properties. Even a modest amount of estate planning, enough to put our assets into a trust or will, can make a big difference to how much is passed on to our family when we are gone.
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We'll cover some of the basics in this article on estate planning, but tax law is so complicated that we can't do much more than alert you to the types of planning that you need to think about when you consult a financial planner and an attorney. Nowadays, financial planning is big business, and some people are reluctant to consult a financial planner. It can be hard to know where to start. You'll certainly want someone you can trust, so asking friends or even your banker can be a good place to start if you do not have any financial connections. But talk to someone. The consequences of not having a will or trust can be substantial. And estate planning will involve lawyers at some point because the law is rather complex, and the planning needs to be done properly.
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Estate planning involves more than what to do with your investment portfolio and properties after your gone. It also concerns the legal steps to be taken by your family should your health fail so badly that you cannot make decisions for yourself. These concerns are put into what is called a living trust, and this is where you make the decisions that will be carried out when you cannot make them. If this phase of life happens, it can be very costly, and you may not want to burden your family with either the financial or personal costs. The living trust is where you can put the directives that you want carried out while you are alive. The legal concerns here are just as complex as for wills, which are your directives that result from the estate planning process for after you are gone. Thus, lawyers or an attorney should be involved with a living trust as well.
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When we pass, the law states that our assets need to go through a process called probate. This is where all the legal procedures for distributing those assets are worked out. Having detailed legal documents to explain your desires will be important to having your family benefit the most. Estate taxes can be high, and you certainly don't want the Internal Revenue service to benefit more than your family. By starting your estate planning early, you will be sure to take care of your family even if an unseen accident should occur before your time.
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And estate planning attorney will be the most knowledge person to consult about your estate planning. They will know the planning business inside and out, and be able to write wills and trusts that get your family through probate as fast as possible. While some people are reluctant to consult lawyers, this is a situation where they earn our trust.
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When we pass, the law states that our assets need to go through a process called probate. This is where all the legal procedures for distributing those assets are worked out. Having.... Learn more at estate planning salt lake city and estate planning lawyer
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