Do I Need a Will?
Everyone, regardless of their familial and financial
circumstances, needs a Will. It is a very inexpensive way to ensure that your
property and assets go to the people you want, and to guarantee that a person
you trust will manage the probate of your estate and distribution of your
assets.
It is especially critical to have a Will if you don't have a
spouse or children. Otherwise, you will not have a say in who gets your assets.
Creating a Will also preserves more of your assets for your
loved ones. If the state has to appoint someone to manage and distribute your
assets, that person will be paid a fee for his services. If, in your Will, you
designate someone to perform this task, this costly fee can be waived.
Trusts
If you want to avoid the time and expense of probate, you
may want to consider establishing a Trust. When you create a Trust, your property
and assets will be managed by a trustee until it is time for your beneficiary
to receive them. Many Trusts will allow you to maintain control of the assets
until you die.
Trusts are ideal for people with large estates. By
establishing a Trust, you can avoid costly estate and inheritance taxes.
Trusts are ideal for people with an estate that is larger than the federal
exemption.
Federal estate tax exemption laws are very complicated and
change each year. In 2009, the federal exemption is $3.5 million. This means
that your heirs can receive up to $3.5 million dollars without paying federal
estate taxes. If your estate is larger than this, your heirs will have to pay a
costly tax on their inheritance.
In 2010, there will be NO federal estate taxes. In 2011, the
exemption resets to $1 million. Due to the ever-changing nature of these
exemption laws, it is crucial that you work with an attorney experienced in
creating trusts.
An Experienced Wills and Trusts Attorney
Greta Hoffman serves many of your family's legal
needs. This includes the creation of Wills and Trusts necessary to manage your
property and assets. Ms. Hoffman has handled the Wills and Trusts for many
clients throughout her career, helping them guarantee that their loved ones
will receive what is rightfully theirs.
Ms. Hoffman can offer you a variety of options to help you
avoid probate, set aside assets, and reduce costly estate taxes. She can help
you with the following estate planning issues:
- Transferring ownership of
a family business
- Special needs trusts for a
disabled child
- Charity trusts
- Grantor retained annuity
trusts
- Irrevocable trusts
- Revocable trusts
- Lifetime gift tax
exclusion (spousal trust)
- Medicaid/nursing home
planning
When securing your assets for your family's well-being, it
is important to work with an attorney you can trust and who understands your
family's unique needs and circumstances. Please contact wills and trusts
lawyer Greta Hoffman today to schedule a consultation. She serves clients
in Boone, Campbell, Gallatin, Grant, and Kenton counties.
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