By Aiden ArmstrongMore than half the people in the US have not prepared an estate plan prior to their death. Estate planning is far more than writing a will, an estate planning attorney in Anaheim will work with clients, developing living trusts, a plan to mitigate or even avoid estate taxes and to ensure that your estate is safe from your beneficiary’s creditors.
Not everyone needs guidance from an estate planning attorney; there are practical alternatives for some people.
Who needs an estate planning attorney?
The estate tax exemption at the federal level is $5.49 million, up from $5.45 million in 2016. This simply means that an individual can leave this amount to his or her heirs without having to pay death taxes. Individuals with an estate which falls below this amount may feel that there is no necessity to plan their estate, a simple will is sufficient.
Paying tax on one’s estate is only one facet of estate planning, ensuring that decisions about future healthcare are made in a timely manner, and that finances are handled correctly are equally important.
People that do not plan ahead leave it to the state to distribute their assets and they put their long-term healthcare decisions in someone else’s hands. These and other issues often cause arguments amongst the heirs and paying more tax than it would have been, had there been specific plans made.
How do you get help?
For individuals with few assets, no complicated financial situations, and no awkward family dynamics, estate planning is reasonably simple. For all others, engaging the services of an estate planning attorney in Anaheim is a must.
People with high net-worth should work closely with an estate planning attorney in order to investigate ways and means of mitigating tax and maximizing that which will be distributed to your heirs. Even people that fall below the federal estate tax exemption could benefit from sound legal advice.
If you are concerned about the status of your estate upon your death, you should work closely with an estate planning attorney in Anaheim. You are invited to contact the Law Offices of Norman J. Homen.
