Do you need a will?
Most of us might say no, but the reality is that we'd be wrong. If you own any real property or have loved ones who financially depend upon you and are willing to hand down your property to these individuals, then there are requirements pertaining to these gifts (in Florida state for instance, your kids and your spouse will have top priority, but unless you have legally adopted your stepchildren, they won't be given anything) that make it necessary to have a will. If your estate places you at the threshold for estate taxes, there are a few tips that you can use to limit the tax burden upon those you're gifting.
A Broward-Palm Beach-Dade TriCounty FL estate planning lawyer can tell you whether you need a will, and if you hire one with financial experience, they can help you understand the tax benefits of things like trusts and giving certain property away while you are still alive.
Your will needs to address your goals for your family, and take into account sentimental issues. If you do not make one, then the state will make one for you. For some of us, that is good enough. For many of us, it is not. If you intend to make a posthumous charitable donation, or give a valuable piece of property to a friend or sibling because you know your children have no interest in it, then you need to make a will. You need to do so with awareness of the legal and tax implications of your choices.
This makes it necessary to have a seasoned lawyer who understands the estate planning process. This is vital for people who have massive amounts of wealth but it can also be important for those who fall into the middle class.
As such, when you get ready to plan the passing own of your legacy, it is vital to connect with an estate planning lawyer. Finding the right lawyer for your needs is a very important decision which is why you should go beyond merely looking at advertising.
Most of us might say no, but the reality is that we'd be wrong. If you own any real property or have loved ones who financially depend upon you and are willing to hand down your property to these individuals, then there are requirements pertaining to these gifts (in Florida state for instance, your kids and your spouse will have top priority, but unless you have legally adopted your stepchildren, they won't be given anything) that make it necessary to have a will. If your estate places you at the threshold for estate taxes, there are a few tips that you can use to limit the tax burden upon those you're gifting.
A Broward-Palm Beach-Dade TriCounty FL estate planning lawyer can tell you whether you need a will, and if you hire one with financial experience, they can help you understand the tax benefits of things like trusts and giving certain property away while you are still alive.
Your will needs to address your goals for your family, and take into account sentimental issues. If you do not make one, then the state will make one for you. For some of us, that is good enough. For many of us, it is not. If you intend to make a posthumous charitable donation, or give a valuable piece of property to a friend or sibling because you know your children have no interest in it, then you need to make a will. You need to do so with awareness of the legal and tax implications of your choices.
This makes it necessary to have a seasoned lawyer who understands the estate planning process. This is vital for people who have massive amounts of wealth but it can also be important for those who fall into the middle class.
As such, when you get ready to plan the passing own of your legacy, it is vital to connect with an estate planning lawyer. Finding the right lawyer for your needs is a very important decision which is why you should go beyond merely looking at advertising.
About the Author:
Find a review of the advantages you get when you consult a Tri-County area FL estate planning lawyer and more information about a reputable attorney at http://www.trustwallach.com/ now.
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