Wade Law Blog

The Basics of Estate Planning

Jun 23, 2017| BY: Wade Law Offices

Estate planning can be complex, but a well-informed and detailed plan can eliminate hassles for your family if you die or become incapacitated. Before you can develop a plan for your estate, however, you should learn some of the basics of of estate planning.

The Basics of Estate Planning

Setting up a relationship with an attorney

You should seek the professional services of an estate planning attorney in Roseville, CA when developing your estate plan. They will help you create all of the essential documents, which generally include a revocable living trust, a power of attorney, a health care proxy and a will. There are also some tax issues which may arise when planning for your estate.

Although you will be the one making all the decisions, your estate planning attorney will guide you through each step in the planning process. It is important to make an educated decision and ensure that you don’t make any mistakes. In some instances, you may need to make any special considerations for any estate taxes that might be due at your death.

What can you do to maximize your assets?

You should think about how your assets and estate will be passed onto your beneficiaries. The best approaches may be different for each asset, depending on the type, size, age and other factors. When working with your estate planning lawyer, you can seek advice on what actions to plan and take. Plus, you will be minimizing court fees and other expenses.

Minimizing taxes

Minimizing taxes can be an important part of estate planning. This is because planning for taxes can allow you to maximize what you leave behind. Generally, there are exemption limits for gift and estate taxes, which means that that you can give up a certain amount of your assets and avoid being taxed on those assets. If you want, you can even use some or all of your gift tax exemption and transfer some of your assets while you are alive, so as to ensure that your beneficiaries receive the maximum benefits. Additionally, inheritance and estate taxes are calculated using the value of your assets so you would generally need to pay these taxes before distributing assets among your beneficiaries.

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We support individuals and families with comprehensive planning solutions. Our attorneys have diverse backgrounds, with experience handling small estates, very large estates and executing advanced planning techniques. We are able to advise clients at all stages of life, from starting a business to planning for future care to administering an estate. You will have an attorney who listens carefully and provides strong, practical and thoughtful guidance.