The Primary Benefits Of Retaining A Reputable Estate Planning Lawyer
It can be easy to assume that only the wealthy need to plan out their estates. However, even people with more modest means can benefit from finalizing plans for their money and assets once they are gone.
The legal process involved with settling your final monetary affairs can be more complex than you realize, however. Here is how you can benefit from retaining an experienced estate planning lawyer to represent you and your estate.
Preparing for Final Taxes
The IRS will expect your estate to cover your final taxes after you die. You will still owe taxes on any income that you earned during the same year that you pass away. You also may be expected to pay taxes on assets like vehicles or real estate that you own.
If you do not plan for a way to cover these taxes after you die, you could leave your estate open to the IRS heavily taxing it after your death. When you have an experienced estate planning attorney on retainer, however, you can set aside funds to use for this purpose. Your estate planning lawyer can advise you on how much money that you may need to save to cover your final taxes and help you minimize or eliminate the risk of your estate being heavily taxed upon your death.
Leaving Donations to a Charity
An estate planning attorney can also make sure that you leave donations for your favorite charities. If you were to entrust these donations to the care of a relative, you have no real way of knowing if they will actually donate the money on your behalf. You want to know for sure that the money will get donated as directed by your will.
Your estate planning lawyer can ensure that the funds that you set aside for charities go directly to them after you pass away. With their help, you avoid the worry that a loved one or friend might pocket the money and not donate it for you.
Funding a Child's Future
Finally, your estate planning attorney can help you leave enough funds for any dependent children that you want taken care of after you pass away. You can leave enough cash in the estate to care for a special needs or minor child in your absence.
An estate planning attorney can advise you on how to cover your estate's final taxes after you die. They can also ensure that your charitable donations are made and that there are funds to care for a minor or special needs child. Contact an estate planning attorney for more information.