Tag: Estate planning

Finding a Good Estate Planning Attorney to Help You

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During our lives, we have the opportunity to accumulate property and assets that we want to pass on to family members, friends, and organizations we care about. Estate planning enables us to make sure our wishes are carried out, and that our assets are passed on in the most tax-efficient way possible.

Estate Planning Attorney

A skilled and experienced Estate Planning Attorney can help you create a plan to meet your specific needs. Whether your estate is large or small, a good estate planning lawyer will work with you to ensure your estate is protected and your assets are distributed as you wish.

Finding the Best Estate Planning Attorney in Chicago Illinois

A good way to find an estate planning attorney is to ask friends and family for referrals. Also, look for a lawyer who has passed the bar in your state and is well-versed in the local laws of your area.

The most important thing to remember when hiring an estate planning attorney is that you need to feel comfortable with them and trust their advice. You may be sharing a lot of information about your life and finances during the process, so you want someone who makes you feel safe and secure.

An attorney who is not friendly or approachable will not be able to help you. This is especially true when you are discussing sensitive issues, like the distribution of your assets or how to care for your children.

In addition, an estate planning attorney who is knowledgeable about the relevant tax laws will be able to make sure your plans are tax-efficient. This can save you a significant amount of money in taxes and other expenses.

Often, these attorneys charge a flat fee or hourly rate for their services. It is a good idea to negotiate this upfront before starting the process so that you know how much you’ll be spending on legal services.

Another way to find an estate planning attorney is to visit a local bar association website. This will allow you to check their credentials, and also to see if they are in good standing with the bar association. You may also visit https://www.chicagoprobateattorneys.net/ to find great lawyers in Chicago.

The Bar Search feature will enable you to search for a lawyer by practice areas and keywords. Some of these searches will provide you with reviews from other clients, so you can get an idea of the quality of service a lawyer offers.

An attorney who is a member of a law firm will usually be able to offer you better prices than a solo practitioner or a smaller law firm, as they may have a larger staff and can handle more cases.

A good estate planning attorney will be familiar with the local and state laws regarding wills, trusts, and powers of attorney, as well as the tax issues that can arise when it comes to inheritance and estate planning. They can also advise you on how to minimize the amount of federal estate and gift taxes that will be owed.

Elder Law Plan and Probate- Process of Planning a Person’s Estate and Distribution

The process of planning a person’s estate is called an elder law plan. It is intended to help protect the interests of your future family from creditors, when you pass away, and to ensure that your wishes are respected during your lifetime. An elder law attorney can be a very valuable asset in ensuring that your wishes are followed and all your assets are distributed according to the law. Here are some of the basics you should know about elder law and how it affects your estate plan.

An elder law, estate plan is very much like an adult will. It is designed to protect your interests in property and financial affairs during your lifetime and to ensure that they remain in your name alone. Unlike the will, which is rarely used in estate planning today, a proper elder law estate plan can help ensure that all beneficiaries get their fair share of assets upon your death. If there are no written provisions for your estate or trust, an elder law attorney can help you draft a plan ahead of time so that all beneficiaries have a clear understanding of the steps to be taken after you pass away.

 

You may think that financial assets like real estate and cars are exempt from the probate laws that apply to everyone else. That’s not the case though as probate can force distribution of your assets to distant family members in addition to creditors you may have. Elder law and estate planning attorneys can help you determine if you need to change your legal protections or if your original plan still applies.

 

A good lawyer, like Miami guardianship lawyer, can also help you negotiate the transfer of your assets during your lifetime and ensure that these transactions do not violate elder laws or the rights of other relatives. Many people do not understand what happens once a relative passes on, even if that relative was well-known for being very frugal. When an elder law attorney is retained, a family meeting can be arranged to go over how property and money will be dealt with after the death of the last living relative.

 

www.miamiprobateattorneys.netEstate and elder law are different than other types of personal law because it deals with the assets and financial interests of others. It can be a complicated area of the law, but the right lawyer can make it easier to navigate. There are several types of trusts: revocable or irrevocable trusts, also known as life-estate; power of attorney or living trust; and devise or living trust. Although there are specific rules governing each of these types, their basic structure remains the same.

 

Life-estate trusts must be established before distribution of the assets can take place. Power of attorney and living trusts can be created after death, however, and are operated exactly the same way as life-estate trusts. Deceivers and administrators can be family members or the lawyer. An experienced elder law attorney can help you set up a trust or take care of it once you pass away so your estate assets will remain protected and secure. For more information click www.miamiprobateattorneys.net.