An estate planning attorney is one of the first individuals that you should consult when trying to create your will or create a plan to care for your family once you have passed away. Listed below are two reasons to hire an estate planning attorney:
Helps Ensure That Your Family Gets As Much As Possible
The single most important reason that many people hire an estate planning attorney is to find a way to ensure that their family gets as much of the estate and money as possible when they pass away. In many cases, this means consulting an attorney in order to find ways to minimize the impact of estate taxes. One of the solutions that an estate planning attorney can provide in order to minimize estate taxes is to put as much of your estate as possible into an irrevocable trust.
An irrevocable trust is basically you putting a bunch of your property into a trust that you cannot access in any way, which includes attempting to dissolve the trust to get your property back. The benefit to this is that an irrevocable trust is not typically going to be subject to estate taxes, which means that your family or whoever you want to leave the property to will get everything in that trust.
Helps Create A Plan To Care For Your Children
Another very important service provided by an estate planning attorney is that they can help you create a plan to care for any of your children that might be underage when you pass away. For example, the plan that the attorney can help you create will do everything from allowing you to choose someone to be the legal guardian for your children and creating a trust in order to ensure that those children have everything that they need.
Examples of things that the trust can be designed to pay for can include everything from the children's living expenses to their educational expenses. In addition, you can also dictate terms as to when those children will be allowed to have the contents of the trust handed over to them, such as by requiring them to simply reach the age of majority or completing a college education.
Contact an estate planning attorney today in order to discuss how they can help you create an estate plan that will benefit your family and loved ones as much as possible. You will want to hire an estate planning attorney because they can help ensure that your family gets as much as possible and can help you create a plan to care for your children.
Contact a company like McFarland & Masters LLC for more information and assistance.