Posted on: 13 October 2015
Proper estate planning is essential for everyone to do. Death can come at any time, and taking a few moments to plan what you want to happen to your estate can make things easier on your loved ones after you pass on. Unfortunately, there are common mistakes that occur with estate planning though. Use the guide that follows to learn how to avoid a few common mistakes when planning your estate.
Hire a Professional Estate Planning Lawyer
It is important to hire an attorney who has experience with estate planning to handle your planning for you. He or she will know what things to take into consideration and be able to help you make reasonable, smart decisions about what should and should not happen with your estate. They can take the time to find out what your true assets are and how much they are worth so that you can divide them in such a way that it benefits every person you want to help and keeps your land, vehicles, and family heirlooms within your family.
Plan for the Unplanned
Accidents happen each and every day. If you are involved in an accident that leaves you unable to care for yourself, your children, or your home, you need to be sure that you have a plan in place. The estate planning will cover who you want to take care of your children if you are not able to do it on your own and how you want your estate divided. There are many people who make the mistake of forgetting that estate planning could be needed long before they pass away, and making the proper plans can make a huge difference in your life and your children's lives if you are left unable to care for them.
Give Your Children Your Estate Properly
When you pass away, you want to be sure that your children gain ownership of your property. Be sure that the plan states that your children are to inherit the property rather than you are gifting it to them. There is a limit as to how much value a gift can be before it is taxed by the IRS. Inheriting the land will cause your child to have to pay far less in initial taxes and fees than if you gift it to them.
An estate planning attorney like LeBaron & Jensen, P.C. can walk you through the process of filling out and filing the necessary paperwork for your estate. Be sure that you store the paperwork in a safe deposit box at a bank so that it can be safe and sound at all times.Share