Estate Planning and Tax Attorneys

The assistance of a tax attorney during estate planning can save your family a lot of money.

According to the American Bar Association, estate planning is the preparation of necessary documents and trust accounts to transfer assets upon death. A tax attorney is often consulted in estate planning decisions to ensure estate tax minimizing strategies are utilized in the process.

Benefits

Estate planning ensures a person's property will be given to the family members, friends, and charitable organizations they desire upon their death. Some states tax the estates of deceased individuals up to 45 percent of its value. Tax attorneys use their specialized knowledge of estate taxes and property transfer methods to minimize the taxable portion of the estate. Some methods include the use of trusts, gifts during your life and gifts to charities upon your death.

Detriments

Estate planning can be expensive depending upon the amount of property you own, the documents to be drafted, and the property transfers involved. Estate planning attorneys may have separate fees than the tax attorneys working on the estate plan.

Warning

This is not legal advice or legal representation. Consult a licensed estate planning attorney in your state to determine the estate planning tools that best fit your needs.

References

• Estate Planning Overview
• Retirement Benefits