Estate planning is defined as anticipating and arranging during your life for the disposition of an estate. In other words, Estate planning is preparing now for what will happen after you pass away.
Estate planning can eliminate the uncertainties associated with probate. It can also reduce the tax burden experienced by your heirs. Estate planning can ensure that your assets are taken care of in the way you want, even when you’re not around to take care of it yourself.
Good estate plans are complicated and you should definitely consult with an experienced estate planning attorney.
Basic estate planning might include using credit-shelter trusts, traditional life insurance, and other legal tools to ensure your goals are met. In the case of the affluent, it is sometimes necessary to use more sophisticated approaches to wealth transfer. The estate planning attorneys at Clear Counsel Law Group are able to to produce phenomenal results for our clients, no matter how large or small their estates.
Here are some ways a good estate plan can help:
- Identify those you wish to receive your assets after your death
- Ensure your assets are transferred with as few legal or tax hurdles as possible
- Minimize tax impact on your beneficiaries
- Avoid time and cost of probate
- Determine medical care and life-prolonging care you wish to receive
- Establish what sort of funeral arrangements you would like and how it should be paid for
The estate planning attorneys at Clear Counsel Law Group are ready to discuss all your options with you and help you chart a course that will leave you feeling confident in the future. Call us today.
You are welcome to research more about estate planning on our website.