Los Angeles Estate Planning Attorney’s FAQ on Estate Planning
Estate planning is often times considered by many as a no-go area, because there are so many questions in the minds of people about the whole idea of planning an estate. Indeed, it may be a very technical area, but in this article, Los Angeles Estate Planning Attorney will make an attempt to provide professional answers to the many questions clients ask or may have about estate planning.
Before the frequently asked questions are highlighted, it is important for you to know that basically, planning an estate is done to make sure that the process of reassigning the wealth and assets of a person is easy in the event of death or incapacitation. In any case however, Los Angeles Estate Planning Attorney provides the necessary assistance for clients irrespective of their background or assets.
Frequently Asked Questions about Estate Planning
I don’t think I need estate plan or do I?
Answer: You do need to plan your estate if indeed you care about how all the property and assets you spent the better part of your year to accumulate is managed. For most people, you wake early, go to your business, make serial investments and have your hands in so many ventures which you wouldn’t like to crumble overnight. One way to guarantee this is to liaise with Los Angeles Estate Planning Attorney and build a plan, which will give you the chance of distributing your wealth according to your wish.
I believe the government will create an estate plan for me or won’t they?
Answer: Indeed the government will create one for you if you die without an estate plan, but there is every reason to believe the family and beneficiaries you leave behind may not like it because they will be monitored in the way they spend the funds left behind. This could be
I understand there is a federal estate tax, what is it?
Answer: When a person dies, leaving an estate behind, the federal government levies the estate after certain exclusions and deductions are made. That is a federal estate tax.
Is there a state estate tax also?
Answer: Yes there is. In a similar way with how the government levies a deceased’s’ estate, the state governments have different tax to collect upon a person’s estate. The state tax level is dependent on the relationship existing between the beneficiary and the deceased. Los Angeles Estate Planning Attorney will assist you sort out this aspect if you engage his services.
Can you shed light on portability?
Answer: In a situation when the living spouse of a deceased, can utilize the amount of unused federal estate tax exclusion left behind by the deceased, we refer to that as portability.
Perhaps your question was not answered in this article; you may want to reach out to Los Angeles Estate Planning Attorney. Similarly, at any time you need a first-rate estate planner, Los Angeles Estate Planning Attorney is positioned to get you the best results.
