If you think estate planning is complex, you aren’t alone. Here are a few important and helpful tips to take into account as you work to ensure the best for your loved ones. If you need any more legal assistance, let Clifford, Ross, Raudenbush & Cooper, LLC help!
Do I Have an Estate?
If you are like most United States’ citizens, the answer is yes. An estate is made up of all of your possessions. This includes your home, your car, your checking and savings accounts, your investments, your furniture, your clothing, etc. Whether you have a large estate or a relatively small estate, your possessions will be redistributed upon your death. Where they end up is largely up to your actions while you are alive.
What is Estate Planning?
When you take action to ensure your estate is distributed to your loved ones in the manner you wish, you are engaged in estate planning. This important type of planning is not just for the retired, the wealthy, or the well-organized. Everyone can and should take control of their estate by leaving explicit instructions regarding the gifting of their possessions. Otherwise, they will default to having their state distribute their assets according to current laws.
Successful planning does not end with legal documents and explicit instructions, however. Federal taxes on estates are among the highest of any financial transaction, and some states levy their own inheritance taxes. Because of this, you should make preparations that will ensure the lowest amount of taxes, legal fees, and court costs for your beneficiaries.
The Time is Now
It may seem somber or premature to begin the planning process, but it is never too soon. No one likes to think about mortality. But no one wants to leave their families to pick up the pieces in the case that something goes wrong. Developing a plan that protects your family and your estate will give you peace of mind and allow you to live to the fullest without worrying.
Seek Expert Help
Creating a well-informed plan begins with help from an attorney and tax advisor. The attorney will be able to help you navigate through complex estate planning documents, such as a will, and the tax advisor will help you maximize what is left behind by minimizing taxes. These professionals will serve as your support, offering expert advice and legal assistance to ensure that mistakes are avoided and intentions honored.
Expert Tax Services in El Paso
At Clifford, Ross, Raudenbush & Cooper, LLC, we are committed to helping our clients develop effective financial plans that will safeguard their personal wealth and the value of their estates. Rather than trying to figure out the confusing tax world alone, take advantage of our personable financial accounting services as you engage in the estate planning process.