ESTATE PLANNING
Those with assets should consult an attorney regarding an
estate plan. Estate planning deals with the process of
distributing your assets after your death. This can involve
powers of attorney, will, living will, trusts, gifting
during lifetime, gifts at death, tax planning, charitable
giving, and other issues. A properly defined estate plan
will take into account all the assets an individual has and
ensure they are distributed as the individual desires.
Those with large estates should also be aware of tax
credits they can take advantage of upon their death. One of
these is the unified credit. This allows an individual to
pass a certain amount of assets tax free upon their death.
The individual must structure their estate to take
advantage of this during their lifetime. If this is not
done the credit is lost upon the individual’s death. The
surviving spouse’s estate will likely have to pay taxes
which could have been avoided if the couple had structured
their estate to take advantage of the unified credit.
An attorney can assess the various desires of the client
and ensure the proper estate plan is put in place to carry
out those desires.