Is It Important To Create An Estate Plan?
It is estimated that close to half of all Americans die without having written a will or created an estate plan, the only people that benefit from this are the tax authorities. Without having worked closely with an estate planning lawyer in Santa Ana the state takes the lead in transferring the assets of the deceased to the closest relatives and, if the surviving parent is unfit to make decisions, the state decides where young children are sent. An estate lawyer can help to ensure that your wishes are followed, not the arbitrary decisions made by others that have no vested interest.
Do you need an estate plan?
A death tax exemption is the amount a person can will to heirs before having to pay tax; the amount currently stands at close to $5.5 million. With this being the case, those with an estate that does not reach this threshold may wonder why they need anything other than a simple will to distribute their assets in accordance with their wishes.
There is more to estate planning than paying taxes, an estate planning lawyer in Santa Ana can help to ensure that all finances are dealt with properly, your healthcare wishes are established, and that your heirs receive their fair share of your estate.
When help is needed:
Estate planning is a simple matter for those with limited assets and stable family dynamics. In other cases, doing it yourself may actually end up costing you. High net worth individuals that are subject to federal and perhaps state tax should hire a knowledgeable estate planning lawyer in Santa Ana.
Estate planning, regardless of your assets is something that must not be overlooked, it can be quite costly if done improperly or not done at all.
Everyone, regardless of their asset base should seriously consider an estate planning lawyer in Santa Ana in order to avoid future problems. You are invited to contact The Law Offices of Norman J. Homen.