Lawyers advise parents to seek estate planning as an integral part of leaving adult children an inheritance.
November 15, 2019 —
11/13/19 – Those who are considering giving their adult children a large monetary gift before the new year rolls in need to consider meeting with an attorney to go over the ramifications for both their own estate and the receiver’s estate. With help from the Probate lawyers, parents can avoid passing on a burden to their adult children in the form of tax liabilities.
Many people do not realize the sheer importance of estate planning and end up leaving behind a probate mess for their heirs. Probate is the legal process that involves proving the validity of a will and distributing the deceased’s property among their heirs. Sometimes, the probate process can seem to be never-ending and leave heirs with more headaches than inheritance.
A probate attorney can represent the executor of a will and advise them on the actions they need to take in the process. Attorneys can also help a person draw up their will and carefully plan how they can leave an inheritance to their adult children so that it does not lead to tax implications which can be costly.
Everyone has an estate, no matter how small or large. Many young people mistakenly believe estate planning is something for old people or only for the rich. The truth is, if a person owns any property at all, they have an estate and they will need to have a will in place so the state does not make the determination of who gets what after their death.
When parents of adult children decide to leave behind an inheritance, it is wise for them to consult with an attorney before making any decisions. In some cases, there are options for inheritance trusts that allow parents to leave behind money that will not be heavily taxed and will allow the heirs to avoid a prolonged probate process.
Inheritance tax changes could come into effect by 2025 so it is wise for individuals to start the process of estate planning as soon as possible. When an attorney is hired, they will work with their clients through each step of the process to ensure they are able to leave behind an inheritance without causing tax woes for their heirs.
The goal of estate planning is to protect loved ones. When a person dies, they want to be sure their estate is placed into the hands of the people they have named. When a person goes through estate planning, they learn how they can transfer their assets to their heirs, while lessening the tax implications as much as possible.
Another goal of estate planning is to reduce the risk of ugly family battles in court. When someone dies, those left behind in the family often begin to fight over what they feel is theirs. Having a will in place can help to avoid these court battles.
Meeting with an attorney will allow a couple to learn the steps they need to take to ensure their final wishes are carried out regarding their estate. The attorney will help their client make the tough decisions and will then draw up all the paperwork so the will is legal and binding in court. Before giving any monetary gift to an heir, individuals need to first meet with the attorney so proper planning can be carried out.
This news is published on Reuters.