Why Do I Need an Estate Planning Attorney?
These are among the things an estate attorney can help you with planning. That’s why it’s essential to ensure you have one by your side, if you’re leaving an inheritance behind.
January 20, 2022
These are among the things an estate attorney can help you with planning. That’s why it’s essential to ensure you have one by your side, if you’re leaving an inheritance behind.
In coming years, millions of Baby Boomers — those born between 1946 and 1964 — are expected to retire in the U.S. In fact, by some estimates nearly a quarter of this country’s population will be aged 65-or-older within a few decades.
If you’re planning to leave your heirs any sort of inheritance, you’re already giving them a valuable financial leg up.
Millennials are finally embracing one of the cornerstones of adulthood, by writing their wills.
One of the most useful estate planning tools is a trust, which can be used to create a legacy of wealth and protecting assets. One question to consider when creating one, is whether a grantor or non-grantor trust is more appropriate. A non-grantor trust is any trust that is not a grantor trust.
Good estate planning must consider more than what you want to happen to your property and for your beneficiaries. It also must consider what you intentionally want to avoid happening.
If you’ve ever spent time working through your estate plan, you know how important it is to select and update your beneficiaries.
Unless you spend your winters in Aspen and your summers in the Hamptons, you probably don’t have to worry about paying federal estate taxes on an inheritance. In 2021, the federal estate tax doesn’t kick in, unless an estate exceeds $11.7 million. The Biden administration has proposed lowering the exemption, but even that proposal wouldn’t affect estates valued at less than about $6 million.
Life insurance is a sophisticated financial product, with as many variations and permutations as there are creative insurance companies (there are many) and creative insurance planners (there are even more).