Estate Planning | Tips for Estate Planning
Estate Planning | Regardless of how many assets you have, you want to make sure that they are left in the right hands. Estate planning is often the cause of many worries as in order for your wishes to be carried out, you must consider a wide variety of factors. Whether you are concerned about tax issues or a special needs child, the following tips for planning your estate will help you make the right decisions regarding your assets:
Prepare a Will
The first step of estate planning is preparing a will. This will determine who gets what. If you fail to have a will drawn up to designate who gets what, it will be left to the discretion of the courts. Instead of your special needs child receiving much needed support, it could be left to someone else.
Special Need Considerations
If you have a child with special needs, it is extremely important to determine which assets you can leave them without having it affect any benefits or assistance they may receive. You may also wish to choose a trustee for your will that will make sure that any money is handled in the way you desire for your special needs child.
Tax Considerations
For many people, inheriting a large amount of money leaves them subject to a large inheritance tax. There are ways to prevent this, including leaving only taxable assets to charities and non-taxable assets to your family. You may also wish to consider gifting them assets while you are still here. If the gifted amount is under a certain amount, it will be considered a non-taxable gift. Estate planning is not an easy thing to take on, but it is one of the most important things you can do for your loved ones. We at Mortellaro & Sinadinos can help you to make certain that your will is exactly what you want and that your assets will be properly distributed when the time comes.
Don’t wait! We can assist you with all of your estate planning legal needs. Call to schedule an appointment with one of the top estate planning attorneys Tampa has to offer! Tampa office at 813-367-1500 or send us your questions online.
