Things You Need To Know When Estate Planning

“You really don’t know what you don’t know” say’s one Phoenix Estate Lawyer. It’s not as simple as these online legal form companies claim it to be. Every individuals situation is different and if you look at it with a broad stroking brush approach then you’ll end up screwed in the end. There simply aren’t enough check list item questions that can determine the right path for someone especially with the landscape of case law always evolving.

Nuts and bolts of estate planning – Personal Liberty® discussions of estate planning focus on discrete topics and strategies. Once in a while, especially early in the year, it is good idea to step back and look at the broader picture. There are concepts and strategies common to every estate plan and estate owner. Use these concepts and strategies whether you are drafting a new estate plan or reviewing an existing plan.

Change and flexibility. This wasn’t always a key principle, but now the estate tax law is uncertain. The current law expires after 2010 and will revert to the 2001 law if Congress does nothing. So far, Congress has been unable to agree on a plan of action. The result is that most estate owners do not want to be locked into an irrevocable long-term plan. Why give away assets or put them in an irrevocable trust if the estate tax might be repealed?Nuts and bolts of estate planning – Personal Liberty®

Because simply put, it’s your best option. If you follow the correct guidelines while setting up your trust then you will be able to rest assured that you’re money is not just in a safe place but that it will remain there for generations.

It is important to keep a plan flexible. For example, instead of naming a specific amount to be left to a credit shelter trust, a will should use a formula or a range of values so the amount will change based upon the law in effect at the time. Some estate planners recommend revising the will every time the law changes. Until Congress enacts a permanent estate tax law, most estate owners will want a plan that keeps taxes low in the worst of current plausible scenarios but can be changed when the law changes.

Most people complain that the estate planning process takes too long and is too expensive. The estate owner can reduce these problems. The more assets a person has and the more complicated the estate is, the greater the complexity of the plan. The plan takes more time and costs more money. Nuts and bolts of estate planning – Personal Liberty®


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