Whether you own a small or large property, it is always wise to begin on estate planning sooner rather than later. What is estate planning and why is it so important? Estate planning is basically about planning how your estate is to be managed after death. What does your estate include? Anything and everything you own. It could be your house, your car, real estate. It could even be material possessions like jewelry, cash and valuable collections such as paintings, vases and other pieces of art. You would obviously want these to be taken care of in a responsible way in your absence. Similarly, you would want any minor children to be well looked after too. Estate planning helps you do all that.
An elder law attorney is a special type of attorney who is better suited to help you with your estate planning. An elder law attorney understands the special needs and problems of senior citizens. In particular, they understand that the power of making sound decisions grows weaker with age. So they can provide you with the necessary support and encouragement you need to practice sound estate planning.
Your mental faculties in old age might betray you if, for instance, you leave out some important piece of your estate in your will. If this is revealed after your death, the confusion it would create among your beneficiaries is not something you would want. Therefore, an elder law attorney will help you here by making a complete assessment of your estate and what needs to be incorporated in your estate planning.
In addition to helping you account for your estate, an elder law attorney will also help you manage the taxes that will fall upon you as a result of your estate planning exercise. Tax issues are highly technical in nature and unless you are a qualified tax accountant you will be entirely lot in this whole process. An elder law attorney will help you arrive at the smallest evaluation of the tax you are liable for.
Furthermore, you may even forget to include all beneficiaries in your will. Or you may end up giving out more than what is due to one beneficiary at the expense of another. An elder law attorney will guide you and assist you so that you do not show injustice by leaving out any beneficiary from what is due to him or her.
Alright so you know what estate planning is all about and how an elder law attorney can help you. But how do you know if a particular elder law attorney is the right one for you. You will need to consider several things. You will have to look at for how long your elder law attorney has been in practice, especially in the area of elder law.
Credibility is also important. Your elder law attorney may have been working for a long time but what is he or she worth? Usually a certification from The Florida Bar or the National Elder Law Foundation is sufficient proof of his or her ability to handle your case. Also check if the lawyer is available to work with you when you need him or her.
Jonathan Laber will make it simple and easy for anyone to to get the correct information about trusts. For getting additional advice on the subject of trusts check-out Mellert Law.