A specialist in estate planning brings experience and expertise to the table. But what many people fail to realize is that with this level of experience and know-how also brings with it many unforeseen benefits. For example, and as mentioned previously, the landscape of estate and tax law can be difficult to navigate. New federal mandates and complicated tax laws make passing your assets to your loved ones a sometimes difficult and costly process.
-An estate planning attorney understands this and knows how to navigate the system in ways that would best work to your advantage.
– An estate attorney can counsel you on ways that you can avoid paying an estate tax on part of your estate. To know more about estate planning, you can also navigate to http://speedwelllaw.com/alexandria-estate-planning-attorney/.
-The current estate tax rate is 45%, and that rate can even be increased by such things as 'skipping' a generation when giving away part of your assets. Consequently, a 45%+ decrease in your personal wealth will mean less of your hard-earned money that your family will be able to keep.
– An estate attorney can guide you through the various instruments available to you to bequeath your assets.
-He or she can explain the difference between a Will and a trust, and offer you expert advice on which would work best for you and your loved ones based on your individual situations.
– An estate planning attorney can keep you informed about recent changes in the law that might affect your personal wealth.