Don’t Play Lawyer with Your Estate
Written by Vine Edwin.Most lawyers know about estates, but not all of them do wills and trusts, or practice in that area of the law. It is safe to assume that the majority of lawyers do not do probate, that is, they stay out of Probate Court The truth is that some of those same lawyers fail to tell clients about their estate planning needs, or at least direct them to another attorney for such matters.
Always ask the lawyer whether your attorney does this kind of work , i.e., practicing before the probate court, or at the least, estate planning. It could have a substantial impact in the resolution of your final wishes as to who gets what from your estate.
In most states, such as Indiana, there is a ”death tax” (Inheritance tax) that must be paid on any property transferred after death. An exemption is allowed in the state of Indiana of $100,000.00 to direct heirs, such as a son or daughter, according to a Lake County Indiana Lawyer. But, states have different laws and different exemptions. You should plan accordingly.
Sometimes, one way around the issue is to give away your property while you’re alive. In some states, that might mean doing a trust. In several states, such as in the state of Indiana, that won’t get you away from the ”death tax.” Sometimes, you simply have to give it away and not retain any interest in the property. It might be that you can retain a life estate in your real estate, and that is acceptable, but you must see an attorney in your state to know whether that will get your heirs and/or your estate out of having to pay an Inheritance tax.
There’s lots of variables in planning your estate. See a lawyer to know for sure what your needs really are. Experienced counsel can draft a trust and will that will meet your needs.
Remember, after you’re dead, it’s way too late.
The law can sometimes be little more than Legal Spaghetti.
Leave a Comment
If you would like to make a comment, please fill out the form below.
You must be logged in to post a comment.