Should you hire an estate planning lawyer? The complexities of estate planning have grown in the past few years. People who previously planned to handle their estate planning alone are now considering finding professional assistance. Changes in tax law already happened in California and they happen in Arizona as well, or in a federal level.
Read our blog to learn everything you need to know about whether you should find an estate planning lawyer to help you manage this complicated field!.
1. Some Members of Your Family Disagree
Estate planning is naturally stressful. The time after a funeral can be even more stressful. These are the times that you least want family disagreements to rear their heads.
At the end of the day, no member of the family can be completely objective when it comes to estate planning. Creating an estate plan with a professional introduces an objective member to the discussion. This way, they can resolve disputes professionally on behalf of the family.
2. You Haven’t Followed All of the Latest Changes in Laws
Not only recent changes happened around estate planning laws, but there were other changes made back in 2011 as well. Many families aren't changing estate plans to reflect these changes to the law.
Of course, this is very understandable. With so many laws changing so many times, it can be a full-time job just keeping track of it all. That's why most people accept that they'll either have to miss out on taking advantage of all the latest changes or they'll have to hire a lawyer to help them do it.
3. You Put Your Children's Names on Deeds
How can you know if you're making some of the most common mistakes in estate planning? If you put your children's names on deeds for certain types of property, then that act counts as a gift. Gifts are taxed, while inheritance is not necessarily taxed.
It's almost always better to give properties to your children as inheritances rather than as gifts. Talk to your lawyer to help you avoid this and other mistakes!
4. You Aren't Making Yearly Gifts
You have many options for lawyers, but they would all agree that you should take advantage of every tax relief option you have. Lots of families miss out on the opportunity to lower their taxes by making gifts. Since you're going to be losing the money anyway, gifts are a great way to make sure it goes to a good cause!
Gifts can also impact in your ability to apply for ALTCS or other government programs, like Medicaid. If you talk to an estate planning attorney that also handles elder law they will guide you correctly.
Find the Best Estate Planning Lawyer Available
We hope you learned something helpful from this brief article about the uses of an estate planning lawyer. Tax laws are complicated, and most people prefer to leave navigating them to the experts.
Get in touch with us for a free consultation if you'd like to explore more! You can call Citadel Law Firm at (480)565-8020 or click here to schedule your estate planning free consultation today.