Of all the deaths that happen each year in the US, at least half of those dies without having prepared a will or an estate plan. This is an ideal way to enrich the coffers of tax authorities but not a good way to provide for those left behind.
Who needs an estate plan?
Not everyone needs a well thought out and executed estate plan. The Federal estate tax exemption, commonly known as “death tax” is that amount of money and assets they can leave to their heirs or others and not pay taxes of 40 percent. The exemption stands at almost 5.5 million dollars, the greatest majority of people with assets below that threshold often feel that engaging an estate planning lawyer in Westminster is not necessary, for them, a simple and straight forward last will and estimate is thought to be sufficient.
In many cases, these individuals are not doing themselves a favor by not hiring an estate planning lawyer, there is far more to it than paying taxes, it is more about ensuring that your estate is handled in the way you want it to be and that any future healthcare that you might need is decided upon early rather than wait to when it may be difficult.
When should you engage an estate planning lawyer?
Estate planning and filing your tax returns are somewhat akin. There are plenty of “self-help” guides available to help with tax preparation; the same is true with DIY estate planning kits. Without a CPA to do your taxes you are putting yourself at risk, the same is true when undertaking your estate plan; without an estate planning lawyer to guide you and assist with decisions, you put your financial position at risk.
Anyone with assets subject to federal and state estate taxes is well advised to hire the services of a knowledgeable estate planning lawyer in Westminster to explore the numerous options available to keep his or her estate intact.
Effective estate planning is not just for the extremely wealthy individual, proper planning can help anyone. If you are looking for a knowledgeable estate planning lawyer in Westminster, you are invited to contact The Law Offices of Norman J. Homen.
