Estate planning involves the legal preparations for the event of one's death and the subsequent passing of the estate to the intended beneficiaries, while minimumizing difficulty and expense.
Upon the death of an individual, the state and/or federal government imposes estate taxes on the deceased's property prior to it passing to the beneficiaries. Also know as inheritence taxes, estate taxes are generally levied regardless of whether the property passes through Probate. Careful estate planning is essential for minimizing the impact of estate taxes on the estate, and to avoid situations where part of the estate must be liquidated to pay the taxes.
Generally, an estate planning attorney helps a client to preserve assets (such as property) while the client is alive and control the distribution of those assets after the client's death, in accordance with the client's stated wishes.
When dealing with real or personal property, the issues involved can get complicated quickly. Property lawyers know the laws on all levels and work with clients to protect their property and their rights.
If you have a situation regarding property issues, contact a property lawyer near you today.
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