An estate planning attorney is extremely useful to help you deal with the issues that arise when a family member suddenly passes away or requires intensive medical care. The attorney can provide services to facilitate asset distribution, minimizing tax fees and clarifying the final wishes of the family member. The Internal Revenue Service, or IRS, defines an estate as the net worth of a person at a specific time–in some cases at time of death. This includes the final amount of someone’s assets, legal rights and interest in property (real or intellectual).
Transferring property after someone’s passing can be difficult if they did not hold a title to the property. In some cases, a beneficiary can be allowed by a lender to inherit property. Usually a lender requires they be paid the full amount of the loan upon death of the property owner and typically the lender will not refinance a loan on property given to someone in the form of inheritance. It is highly advised to consult with an experienced Estate and Probate attorney such as the Estate Planning Attorney Scottsdale AZ locals have been trusting for years!
Estate Planning Services
A licensed and insured estate planning attorney can help you with protect your assets in case of unforeseen circumstances through trusts. Trusts contain real estate, titles for your vehicles, beneficiary deeds and the transfer of bank account balances. Creating a trust will help establish inheritances, choose your executor, and decide who distributes your funds and assets.
Attorneys can help with documents such as living wills, medical directives, living or revocable trusts, choosing who is granted power of attorney, formation and administration of trusts, probate litigation and guardianships and conservatorships.
A Guardian and a Conservator
Before you become unable to manage healthcare or financial matters, you may want to consult an estate law attorney to form a conservatorship and guardianship. A court-appointed conservator manages the financial situation of a patient and a guardian provides care and makes medical decisions for the patient. .
“What if my loved one doesn’t have a will?”
Probate litigation happens when someone dies without a will; if a conservator or guardian is unable or ineffectively honoring their obligations and duties; or possibly if seniors have been financially taken advantage of. They could be victims of fraudsters, caregivers or family members.
Important Tax Concerns
It is incredibly important to hire an attorney with a thorough knowledge of estate tax law, especially one who can inform you of IRS regulations.
An estate of $5 million or more (or $10 million or more for married couples) is subject to a federal estate tax and estates affected by this tax owe 40 percent in gift estate tax or generation-skipping transfer tax. This affects gifts from grandparent to grandchild.
An estate law attorney can negotiate IRS regulations and protocols on your behalf and provide other services including dealing with unfiled federal and state tax returns; IRS and state payment plans; and wage garnishments, liens and audits. Ensure your financial future and meet with an estate planning attorney to discuss your financial options and obligations for yourself and your loved ones.
A special thanks to our authors at Arizona Estate Planning for their insight into Estate and Probate Law.