Estate planning is an essential factor for increasing the value of the assets. Appropriate estate planning advice can ensure good financial condition of the property owner in the future. The estate planning activities also provide financial security to the property owners’ family and dependents.
The first important thing in estate planning is the suggestion made by the attorney. However, before consulting an attorney for any kind of estate planning advice, the reputation of the attorney as an estate planner should be considered. The general attorneys handle estates of lower value but if the estates are of higher value and estate tax issues are related to the property, then the estate planning attorneys should be consulted. The professional fees of these estate planning attorneys are higher but at the same time, these people are very experienced.
Once the attorneys are selected they would suggest an appropriate time to create a will. Generally, the wills are made as early as possible. At the same time, a bachelor can consider the state laws regarding the ownership of property after the death of the original owner. If these are not satisfactory, then that individual can create a will.
Before creating any kind of estate planning, the property owners should consider the factor of tax with due importance. There are different tax rules that are related to properties. The estates that are more than $2 million in value, are subjected to federal tax laws. The taxes are calculated on the combined value of all the assets of the individual. Any kind of personal debt is deducted from the joint value of the individual’s property. At the same time there are a number of plans that can offer tax exemption to the estate owners. These are suggested by the attorneys.
The estate planning advices and all the related activities are subjected to a number of estate planning fees and other charges. These charges are different for various states and also depend upon the value of the estate. At the same time, the charges for taxable and non-taxable estates are also different.
Last Updated on : 30th July 2013