Why You Should Not Wait Until Late In Life To Hire An Estate Planning Attorney
When it comes to estate planning, you probably envision someone in their golden years going to a lawyer to make sure their affairs are in order in the twilight of their life. But you don't need to wait until your hair is gray to hire an estate planning attorney. There are a variety of good reasons why you might want to consider hiring such an expert much earlier on in life. Here's why it's never too early to start thinking about your estate.
Provide From Your Estate While You Are Still Around
If you have significant assets and you want to provide for your children or other heirs when they first become adults, an estate planning attorney can help you create a trust or another financial vehicle through which you can begin to distribute some estate assets while you are still not just alive but healthy and continuing to live your own life with vigor.
Figure Out Complex Issues
While everyone plans on living a long life, it doesn't always work out that way. If you have young children who need someone to look after them or a business that you want to pass onto your children, you need to make sure that things will be taken care of in the way you want if you were to die sooner than expected. Your estate attorney could help you appoint a legal guardian for your children or create paperwork that would make it clear who gains ownership of your business until your children come of age.
Reduce Your Tax Bill Now and in the Future
When someone dies, the IRS almost always wants its cut of the estate. If you are going to start distributing assets while still alive, you can be sure that the government will want to stick its hand in there as well. With the right estate planning attorney, you can reduce or eliminate certain taxes you might otherwise have to pay. The right legal counsel can help ensure that your family inherits as much of your estate as possible instead of having a huge chunk of it go to the government.
Estate planning may seem morbid to some people or something you only need to do late in life, but there are clearly a variety of reasons to start this process earlier on in life, especially if you have young children, a small business, or significant assets to start distributing. Contact an estate attorney or visit a site like https://www.linskylaw.com to get started.
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