Do you have a game plan for when after you are no longer of this earth? Unsurprisingly, most people do not. By failing to setup your estate in advance, you are merely leaving everything to chance in the event of your passing. But there is a better, smarter way. If you have ever wondered why you should consider speaking to an estate planning attorney in Los Angeles, these following reasons can help you better understand.
Learn Your Options
The reality is that most of us are not legal professionals. Sure we can read a bunch of things we find online, but these are not expert opinions and they are usually piggybacked with a note saying that you shouldn’t take them as legal advice. Here’s where the benefit of speaking to an estate planning attorney in Los Angeles comes into place: getting expert legal advice that you can trust.
You’d be surprised at how many people fail to setup their last will and testament prior to their passing. A vast majority of people in the U.S. do not have a will in place. When they do pass away, this can create troubles for the estate, and can become problematic to the extent that the estate gets stuck in probate limbo for an unspecified period of time.
Setting Up Trusts
A lot of times you can add a shield of protection to your estate and assets by creating family trusts, advises the AARP. Such methods can help you avoid liability that leads directly back to the value of items that are held by the estate, like a home, cars, investments and so forth. An estate planning attorney in Los Angeles can help you properly plan and setup these trusts so that your estate is as protected as it can be.
Reducing Tax Liability
Estate tax in the U.S. is not cheap. Billions of dollars are paid out every year to the U.S. treasury from poorly planned estates. A good attorney will be tasked with not only helping setup and protect your estate, but also with helping you reduce the tax liability to the greatest legal extent through the method of proper planning. With well-planned estates, your heirs benefit from receiving more funds, as opposed to a larger chunk going to the federal government.
Safeguarding Your Estate
Estates can be vulnerable. This especially true for high value estates. Where there’s money involved, there are certain to be sharks that jump out of the water trying to catch it and cash in. Perhaps, this is the greatest benefit of using an attorney to protect your interests: you can assure that your estate is protected from these sharks to the greatest extent, and that your legacy is passed on as you see fit.
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