What Is Estate Planning?

Nearly everybody has an estate to consider. Whether this is in the form of a home, a vehicle, life insurance, or mere personal possessions, everyone’s estate looks different. The process of estate planning involves making a plan in advance for how these assets will be distributed in the event of your death or incapacitation.

These wishes vary greatly depending on the person and the nature of their estate. Because of this, the process of coming up with your personalized estate plan can come with considerable complexities. Having an estate settlement attorney that is knowledgeable of this subject directly influences how this procedure is completed and subsequently followed.

With this process comes a variety of documents that must be reviewed and completed. These documents address things such as:

• Guardianship
• Wills
• Trusts
• Financial Power of Attorney
• Durable Power of Attorney
• HIPAA Authorization
• Advance Healthcare Directive

On top of these documents, it is important to be aware of the taxes that come with estate planning. It is understood that the primary goal is to leave the most you can to your beneficiaries. Minimizing the assets lost to taxes takes a specialized strategy on the part of your attorney. These taxes can include:

• Estate Tax: This is a tax on estates worth more than a “set value”. It is only assessed in accordance with the amount that surpasses the maximum.
• Gift Tax: A gift tax is applied to gifts that exceed a certain dollar threshold, and the giver is responsible for this tax.
• Inheritance Tax: An inheritance tax is paid by an individual who inherits either money or property from someone who has passed away.

In addition to taxes, if your estate plan is not done correctly, it can enter the probate process in order to “prove” your wishes following your death. While this is not ideal, this situation is best dealt with by utilizing the particular expertise of a probate lawyer. An attorney that specializes in probate will enable your heirs to avoid paying insurmountable fees and taxes.

The Role An Estate Planning Lawyer Plays In The Future Of Your Assets

Your lawyer will walk you through the estate planning process with a thorough understanding of the state and federal laws that govern how your estate will be valued, inventoried, dispersed, and taxed following your death. During the planning procedure, your legal counsel will act as an invaluable asset for making educated decisions about the future of your estate.

Ensuring that your desires for your estate are carried out successfully is the main goal of your attorney, and they will put in the time and effort necessary to make certain that this transpires.

The Greene Law Firm, P.A.: We Are Dedicated To Serving Your Estate Planning Needs

Estate planning is a complicated process that you shouldn’t have to undertake alone.

The Greene Law Firm is devoted to our clients in Greenville, SC. No matter what your estate planning requirements may be, our team stands ready to serve your needs and walk you through the process with thoughtful confidence.

If you are in need of qualified estate planning services in Greenville, SC, please do not hesitate to contact our office today for an initial consultation.