There are so many facets to estate planning that it would be virtually impossible to list all of them in a limited article. However, for people of all financial stations of life, estate planning is imperative. In order to make proper plans, it will be important for the estate owner to work closely with an Estate Planning Attorney in South Windsor CT.
Estate Plans for the Wealthy
For people who are exceptionally wealthy and looking to avoid the dreaded estate tax, developing a trust is an excellent way to avoid the probate process, avoid estate taxes, and make the transfer of an estate seamless. Unfortunately, these trusts are expensive to set up and complicated to maintain. In addition, if a person’s net worth is under $5 million, they aren’t really necessary.
Estate Plans are Still Important for Virtually Everyone
Wealth notwithstanding, estate planning is still important. Most people’s estates, unless the person has virtually no assets, will go through the probate process after they pass away. Probate is where an estate value is estimated and recorded, and any outstanding debts owed by the estate are paid. Once this is completed, a person’s assets can be distributed according to their will
Mitigating the Costs and Complexities of Probate
Unfortunately, the probate process can be rather slow and, sometimes, quite expensive. For this reason, estate planning for estates that are going into probate may include establishing an executor of the estate who will head up the valuation and debt settlement process of probate. In addition, naming legal counsel can help the executor, which is typically a relative or spouse, handle the complicated legal issues. Having a probate attorney named beforehand can help make the entire process easier.
There are other things to consider, such as eliminating debt, transferring assets in the form of gifts to beneficiaries before a person passes away, and issues with living wills in situations where a person is incapacitated and cannot conduct their normal affairs themselves. Regardless of all of these issues, it is imperative to consult with an Estate Planning Attorney in South Windsor CT. If you haven’t made a comprehensive estate plan, you should speak with the attorneys at Kahan Kerensky and Capossela LLP to develop one today.
