What is Estate planning?
Estate planning is the process of calculating and arranging the management and disposal of a person’s estate assets during his or her lifetime, while on the other hand keeping in mind about the other parameters like minimum gift tax, income tax, estate tax, and other associated taxes. In short, the entire process of estate planning includes reducing the uncertainties in the administration and maximizing the estate value while reducing the taxes and other charges to be incurred. This entire process is not only limited to a will and testament but also includes the involvement of anestate planning attorney. The attorney drafts the trusts and develops a plan to safeguard the assets even after the death. This article discusses further on how should one select the best estate planning attorney in order to safeguard their assets properly and safely.
Role of an attorney
An estate planning attorney plays the following roles in estate planning: -
They make their clients aware of the existing state rules regarding estates and guide them on how to manipulate these for their own benefits.
Without an estate attorney, it becomes very difficult for the client to handle things all by himself or herself and become aware of the various intricacies of the existing laws.
The attorney eases up the various complications that can hinder the process like having a second marriage, having no children, divorce cases and many such.
How to choose your estate planning attorney?
The following parameters should help one in hiring the bestestate planning attorney and have the ideal estate planning: -
The level of communication is a must in such an attorney because his or her work is not only limited to will and testament but also includes drafting the trusts and mitigating plans for avoiding an excess of taxes. Hence the attorney to be selected must have good communication skills within himself or herself.
The qualifications and past records of the attorney must resonate with this field i.e. they should have a rich experience in working in this area and he or she must be well versed in all of the rules and regulations pertaining to this field.
The legal fees charged should be within the economic limits and that the work must be of the high-level quality.
The following parameters might be time-consuming ones, but they would ensure that you select the ideal estate planning attorney and that your family would be happy about it in the longer run.