Thursday, October 24, 2013

An Estate Attorney Salt Lake City Will Provide Expert Guidance

An Estate Attorney Salt Lake City Will Provide Expert Guidance

By Kelly Wood


Estate planning is a serious undertaking where a missing signature or wrong word may affect the outcome. A skilled estate attorney Salt Lake City is a form of insurance. To prevent rude surprises in future, expert advice is a necessary antidote.

One type of goal is met by preparing a good will. An individual does not have to own a large estate to make a will. This document is a useful device even when a person is not significantly endowed. As long there is some personal property, a person needs to set forth how it will be passed on to others. A simple will can be used in such a case. The added security of professional help does not come with a big price tag. It will tidy up loose ends and bring peace of mind. Of course, if you have dependents they need to become your beneficiaries. While there is no perfect plan, as something unexpected may happen, but advance planning takes care of most probable issues. It is in the best interest of your dependents to be made secure during your life.

Legal counsel is necessary when there is an existing business or partnership. If there are special issues at stake, tax planning is required and detailed instructions are required, any expense will be worth the price. Attorney fees are often paid for by tax savings achieved with professional help. You should consider expert counsel if your estate, and anything expected as inheritance from others, is more than 500,000 dollars. If there is potential for conflict among heirs or any heir may have trouble managing personal affairs, professional guidance is a valuable resource.

Any unusual circumstance requires special consideration. A professional consultant brings experience to bear on each assignment. A skillful lawyer is able to improve planning. Properly drafted legal documents are free of ambiguous language. There will little chance such preparations may be overturned due to fraud, forgery or undue influence. It is the job of an adviser to highlight additional considerations and alternative factors that a client may otherwise overlook. Professional support demystifies complex issues.

An experienced lawyer will inform clients where a trust fund would be a better device than a will. Careful preparation ahead will lower estate taxes in future. One possibility, if there are substantial assets at stake, is to make annual gifts in an amount acceptable under IRS rules. Other possibilities are to be shared as applicable in each case.

A knowledgeable guide can help with a living will. A living will is a wise precaution, even if one is not old. This document alerts loved ones and medical professionals about the treatments to accept or reject, and under what conditions. It goes into effect only when certain specific medical circumstances occur and a person is unable to make decisions. There is also the possibility a person is hospitalized, and unable to communicate, but has not provided for this eventuality. In such a situation an existing Power of Attorney eases procedural issues such as treatment. The document required in such cases is termed a health care power of attorney or healthcare proxy. A regular Power of Attorney only functions for financial matters. A lawyer knows the difference and what should be contained in such documents.

After document preparations, changing laws and circumstances may require additional changes. Arrangements made earlier may need to be revised when new events require some modifications. Federal and state law revisions may also impact arrangements that need to accommodate applicable rules and regulations.

The more complicated a situation, the more advisable it is to seek professional support. Being able to cover as many eventualities as possible brings peace of mind about the future. The alternative is a messy process. A qualified estate attorney Salt Lake City is available for consultation.




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