The simple answer is everyone.
Once you understand the need for estate planning, it’s important to find the right attorney.
Would you go to a patent attorney to file for divorce? Of course not, because the patent attorney does not practice divorce law and is not keeping up with family law changes.
When planning your estate, finding an attorney who practices estate planning law will give you peace of mind that your estate is planned thoroughly and up to date with ever changing estate laws.
In addition to estate taxes, a well-drafted estate plan also considers income taxes. For example, if you gift appreciated assets (stock, real estate) during your life, the beneficiary will not receive a stepped up basis. The end result for the beneficiary could result in capital gains taxation upon the sale of these appreciable assets.
Planning with an estate planning lawyer can ensure that the myriad of potential tax (income, estate, inheritance and capital gains) issues and your estate is planned thoroughly and without mistakes.
Estate planning is important for anyone over 18 years of age, single or married, and with a minimal estate size. Having a proper estate plan will provide for your family in case of your disability, allow for control of distribution of your assets at your death, protect your assets from possible creditors, keep taxation to a minimum, and control who will be in charge of your health care wishes.
You’ve worked hard for your estate and tax and legal factors regarding your plan should be dissected by a qualified estate planning attorney to ensure your estate is passed to who you want, when you want, and with the least possible cost, and the most possible protection.
Contributed by Morris Hall PLLC Tucson and Oro Valley Estate Planning Attorney and Partner, Wendy W. Harn.
About Morris Hall, PLLC:
At Morris Hall, PLLC we have focused our legal practice on estate planning for over 45 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Carefree, Tucson, Oro Valley, Prescott, Sedona, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.