While not everyone needs as estate planning attorney, you do not have to have an extraordinarily high net worth to need their services. These are a few reasons why it is important to consider an estate planning attorney as you work out how to divide assets between family members, charitable organizations, and other entities once you are no longer here to direct those funds.
Avoid High Estate Taxes
While this only applies to a small group of individuals, as of 2020, federal estate taxes are only owed when the combined assets of the estate exceed $11,580,000. These taxes are nothing to sneeze at, as they can go up to 40 percent of the total estate value. Adequate planning and working with an estate planning attorney can help reduce this burden on your heirs if you have a high-net-worth estate to leave behind.
Gain the Value of Their Expertise
Your estate planning attorney has been around the block a time or two. In addition to the education they received in law school, real-world experience working with other estates allows your estate planning lawyer to offer you valuable insight when it comes to planning your estate. It's about much more than just writing a will and leaving your family to fight it out. It's about positioning your assets to provide maximum benefits to your heirs.
Estate Planning Attorneys Are Objective Observers
Your possessions, your estate, and your heirs are all emotional touchstones for you. An estate planning attorney is an objective and impartial observer, which is necessary for something as important as planning your estate to benefit future generations. They aren't as close to the situation and can help guide you toward decisions that are financially advantageous to all parties.
Trained Experts in Estate Planning
In addition to serving as an impartial observer, your estate planning attorney is also intimately knowledgeable of laws in your state and how they can affect your estate. He or she can navigate you through the planning process so that as little money as possible is lost in the process and your heirs are able to receive what you want them to have without worries about whether they can afford to keep it.
You do need a designated estate planning attorney to handle this important task. The law is vast. Law students spend countless hours studying particular areas of the law so that they become experts in that field. That is why only an estate planning attorney will do when it comes to helping you plan your estate. To learn more about the services that estate planning attorneys can provide, check out websites like https://www.linskylaw.com.