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Estate Planning – Properly Developing an Estate Plan. Today’s guest blog is by the Law Firm of Brodzki, Jacobs, and Brook. The opinions expressed by the author in this and all guest blogs are not necessarily those of Attorney Mark E. Hall.

 

For the financial well-being of the family, estate planning is very important. By creating a will and other necessary trusts may reduce the tax burden while providing for the family and ensures that the wishes are carried out after the death. The Estate Planning Lawyer helps their clients to set priorities and put in place their essential documents.

 

Estate Planning – Properly Developing an Estate Plan

Creating a Will

To direct the distribution of the assets, it is necessary to create a will. When the will is created then it’s decided that who will get what and the factors such as the executor of the estate will be controlled. The state law will decide the distribution of the estate if there is no will after the death of the person.

Steps to Create a Will

Take a thorough inventory of all the assets. Establish the fair market value and determine how to title the resources.
Make the projection of how the investments and spending will affect the estate after retirement.
The long-term potential care need of selves should also be considered and the possible ways to finance them.
Consult with the lawyer to create the plan to distribute the assets that will not be needed during the lifetime.
The estate plan should be coordinated with the retirement plan. Create a will that clearly tells the distribution of the remaining assets to the beneficiaries and heirs.

Use of the Trusts

There are many reasons to include the trust(s) in the estate plans. The will provides direct asset distribution whereas including the trust in the estate plan is a way to dedicate the property for the benefit of someone else. A trustee who is designated by the creator of the trust to manage and divide the assets for the beneficiary. When the trust is created by the will, it is known as the testamentary in which some assets are directly distributed and others are put in trust.

 

Estate Planning – Properly Developing an Estate Plan

 

Different Purposes of Establishing the Trust

Trusts can be used for various purposes and can take different forms. Special needs trusts can provide the disabled family member while taking care of their eligibility for the public benefits. The asset protection trusts to ensure the safety of the resources from the future creditors. Spendthrift trusts protect the assets from young adults who still have to develop the good skills to manage money. Charitable remainder trusts take the advantage of deductions in tax to develop an irrevocable charitable gift while helping a non-charitable beneficiary as well.

Reduction in Estate Taxes

The estate tax will affect the families with significant wealth and they look for the strategies to reduce the tax burden. This year, the tax exemption amount by the federal estate is $5.6 million per person and is portable from one spouse to another thus a married couple can save $11.2 million from the gift taxes and federal estates.

Estate Administrator

When the estate plan is taken into the place this means that now things have become easier for an executor of the estate and also for the whole family. The probate process and estate administrator can be complex. An executor requires assistance to navigate the system. Estate administration and estate planning mustn’t be undertaken without the advice of a skilled professional. The Florida Estate Planning Lawyer stand ready to financially protect the family’s future.

 

Estate Planning – Properly Developing an Estate Plan

 

Attorney Mark E. Hall has been providing estate planning advice to people in Scottsdale and the surrounding area for well over two decades. Attorney Mark E. Hall practices in the areas of Estate Planning, Estate Administration, Probate, Asset Protection, Real Estate, and Personal Injury.  He has demonstrated a high commitment to his clients through vigorous representation. Contact Attorney Mark E Hall to schedule your Estate Planning consultation today!

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