You need to ensure that your property and wealth are protected. That means finding an estate lawyer to help you draft an appropriate estate plan. This will not only prevent you from having to fight with your heirs but also help you save money on inheritance taxes as well as probate costs.
Prevent bitter battle among heirs
Siblings arguing over inheritance can take a toll on both the emotional and financial well-being of the heirs involved. A good family lawyer can help guide the heirs in a positive direction, and avoid costly court battles and animosity that can last for years.
Most sibling fights are triggered by the passing of a parent. However, inheritance disputes can also happen during the lifetime of a deceased person. Sometimes, siblings may become involved in a legal dispute over trivial details such as who gets what, how much of the estate each person receives, and what constitutes a “fair share”.
The AARP/Scudder Investment contested wills and probate lawyers melbourne survey of Americans aged 50 and over found that 20 percent of those polled had some type of problem due to an inheritance. Even if a person is part of a large, happy family, a bitter feud can cause a great deal of tension and may lead to long-lasting resentment.
Planning ahead is the best way to avoid family discord. Talking with your loved ones about your wishes and creating a will can help to minimize inheritance disputes. While you’re at it, consider setting up a trust so that if something happens to you, your heirs will still receive the funds that were allocated to them.
Investing in an irrevocable life insurance trust can be a good way to safeguard a person’s assets. To ensure your money is in good hands, you can also work with an estate planning professional. Having an attorney can be pricey, especially for larger estates. On average, the cost for a will-making lawyer in the U.S. ranges from around $1,000 to $1,200.
An estate planner can help you make sure you aren’t involved in sibling disputes. Not only will this help you plan for your own end of life, it can make your loved ones happy as well.
To make the process easier for everyone, it’s a good idea use an online estate lawyer. An expert can help you with estate planning, prepare a will, or represent you in court.
Save money on inheritance taxes and probate costs
If you are planning to give away an estate, it’s important to consider the estate tax. An estate lawyer can help minimize or eliminate estate taxes. These lawyers can help you find the right trusts for your particular situation.
Estate taxes can be a burden for both the estate and the heirs. However, most middle-income Americans will not be charged estate taxes. The IRS allows individuals to give away up to $15,000 per person per year in gifts. This helps to shield a large portion of the value of an estate from being taxable.
If you are uncertain whether your heirs will be affected, you might consider moving to a state that doesn’t collect inheritance taxes. You can also make use of generous tax exemptions, such as the gift tax.
An irrevocable trust can help you avoid huge estate taxes. A trust allows you to set up alternate heirs or beneficiaries. Trusts can also be used to protect your estate and avoid probate.
Probate costs vary from place to place. The average cost ranges from three to seven percent of the estate’s value. In addition to the attorney’s fee, you will also have to pay filing fees. The total fees you pay can vary widely, from $50 to more than $1200.
The number of assets in the estate will determine the length of the probate process. Assets of higher monetary value will have a longer probate process. The probate process will take longer if there are more debts in the estate.
You can get help from probate lawyers. Depending on your state, you have the option to pay an hourly fee, a fixed fee, or a percentage the estate’s value.
An experienced estate lawyer is essential to your success. An experienced estate lawyer can help you make sure your wishes are fulfilled after your death, whether you want to minimize inheritance tax or save money on probate costs.
By taking the time to get estate planning right before you die, you can save your heirs money on inheritance taxes. An estate lawyer can help you with other legal matters, such as how to get the most out of gift tax exemptions.