Tuesday, 26 April 2016

How Does An Estate Planning Attorney Work?

An estate planning attorney helps individuals and family plan their estates so that a maximum amount of property will get distributed to the heirs upon death, with minimum costs and taxes. Another factor is the timeliness of the distribution, as it is always desired to be done efficiently. More info at Austin estate planning attorney.

There are death taxes, called estate taxes that are levied upon the value of estates, but from a Federal tax standpoint, there is no tax unless the estate exceeds $10 million. However, the different state may levy estate taxes of their own, and many of the states do. In addition, there can be heavy costs and expenses in the form of administration, so the proper and efficient planning and administration duties usually fall to the attorney.

One of the first steps in planning this sort of thing is to make sure that everyone has an up-to-date will, or even a trust if that is deemed necessary. A will simply lists what goes to whom, and for how much, if the asset is cash, or other forms of valuables.

It is important to state very clearly what you intend to pass onto your heirs, because if the instructions are not clear, there can be confusion and hard feelings occur.

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