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July 2015 Archives

How parents can prepare to leave assets to children

Those, who have never experienced wealth transfer upon death of a parent may think that it will be a simple process. The reality, however, is that for such a transfer to go smoothly after the parents die, many matters must be taken into consideration and planned for before the transfer occurs. There are steps that the parents, who are passing their wealth to a next generation, can take to make things easier for everyone in the end. There are also steps that can be taked by the children, who are named as beneficiaries, to ensure that the process goes smoothly.

When creating estate plan consider tax ramifications

Going in with a ready plan of action is generally much better than having no plan at all. Estate planning is no different. Most of the time, a simple estate plan is much better than no plan at all. While most estate plans focus who will receive the assets upon the testator's death, the benefits of proper estate planning extend beyond simple distribution of the property. The creation of an estate plan could significantly minimize the amount of money that the tax collector receives from an estate. If an estate is left to people other than one's spouse, a potentially significant tax bill could be forthcoming.

Lawyer may be of assistance in administrating estate

Estate litigation may be prompted by multiple reasons. One of them is the manner, in which estate trustees handle the administration of the estate. While for many there may be a sense of pride in being named an estate trustee (executor) of an estate, the reality is that it is a big and sometimes difficult job.

Involved in estate litigation? Contact an estate lawyer for help

One reason that many people decide to create an estate plan is to make things as easy as possible for those who are left behind. While there are multiple ways in which this might be accomplished, leaving clear instructions regarding how one's assets should be divided can be very helpful when loved ones are mourning.