Estate planning attorneys or estate planning lawyers can help you set up your financial affairs while you can make the choices and designations you desire. Can you do this yourself? Do you really need an attorney? Estate planning can be complex, as all matters of law can be and you will need a qualified Lawyer. Estate planning, when executed by an experienced and skilled attorney will help you feel prepared and at ease about your family and their future.
An estate is the total property, real and personal, owned by an individual prior to distribution through a trust or will. Real property is real estate and personal property includes everything else, for example cars, household items, and bank accounts. Estate planning distributes the real and personal property to an individual's heirs.
Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. A major concern for drafters of estate plans is Federal and state tax law.
Wills and trusts are common ways in which individuals dispose of their wealth. Trusts, unlike wills, have the benefit of avoiding probate, a lengthy and costly legal process that oversees the transfer of assets. Sometimes, though, it will be useful to make inter vivos gifts (gifts made while the donor is alive) in order to minimize taxes. The Federal Gift Tax exempts certain levels of lifetime gifts.
During the early 1500's in England landowners found it advantageous to convey the legal title of their land to third parties while retaining the benefits of ownership. Because they were not the real "owners" of the land, and wealth was primarily measured by the amount of land owned, they were immune from creditors and may have absolved themselves of some feudal obligations. While feudal concerns no longer exist and wealth is held in many forms other than land (i.e., stocks, bonds, bank accounts), the idea of placing property in third party hands for the benefit of another. This is the idea of a trust, which has survived and prospered.
Generally, a trust is a right in property (real or personal), which
is held in a fiduciary relationship by one party for the benefit of
another. The trustee is the one who holds title to the trust property,
and the beneficiary is the person who receives the benefits of the trust.
Many trusts are created as an alternative to or in conjunction with
a will and other elements of estate planning. State law establishes
the framework for determining the validity and limits for both.
Lawyer Locator Links
Divorce Lawyers
Do you need a divorce lawyer or divorce attorney? Info about divorce lawyers.
Family Lawyers
Are you searching for qualified family attorneys or family lawyers? Info about family lawyers.
Tax Lawyers
A tax attorney that specializes in your case will be indispensable
in saving you hundreds of dollars. Info about tax lawyers.