Federal estate laws are continually changing. Regular visits with your attorney can help ensure that your estate plan will continue to work as originally designed. These visits will also allow you to make any needed updates based on your present situation and future estate tax planning goals. Planning now is the best gift you can give loved ones. Without an effective plan in place, your loved ones may have to sell off assets to avoid heavy estate taxes. Generally, those taxes are due within 9 months of death.

Everyone’s Estate Situation Is Unique

Your assets, properties, and other holdings are going to be unique to your situation. Because of this, you should not rely on a cookie-cutter tax plan or worse, relying on the state to divide your assets. To set up the best possible future for your heirs, a comprehensive estate plan is needed. Your attorney can help you to navigate your unique situation and find solutions that fit your needs.

Avoiding Intestate Succession

If you die without an estate plan, your property will be legally distributed through your state’s intestate succession laws. This causes your assets to be distributed among your heirs based on their relationship to you, as deemed by a judge. This can also lead to forced sales of assets to distribute funds more evenly. Intestate can hold up access to vital funds for your family. It can also affect the passing down of houses, vehicles, or other property.

You Shouldn’t Wait to Make an Estate Plan

Many people avoid drafting up a Will or other planning documents until they are older or nearing retirement. Unfortunately, this can create several issues should you die sooner than expected. By planning, you can help ensure the financial stability of your loved ones after your passing. Wills and other planning documents should be updated regularly and as your financial situation changes. Major purchases, especially including land, housing, business assets, and vehicles should also warrant updates.

If you have not created a comprehensive estate plan, contact the experienced attorneys at Danna & Associates, PC. Our team will help you evaluate the impact of various taxes on your estate and set up a plan that works for you and your family. We will work with you to review strategies to decrease your tax liability.