Hiring Washington DC Estate Planning Attorneys
Many Americans do not even bother creating an estate plan while they are alive, and tax authorities tend to take advantage of this. When no estate plan exists, a deceased individual’s assets are generally transferred to their closest relatives by the state. If you are in the Nation’s Capital and you would rather thoroughly make these decisions well in advance, then you should seek the assistance of one of the many Washington DC estate planning attorneys. An estate planning attorney from Washington DC could help you put together your estate plan.
An estate planning attorney is also known as an estate law attorney or a probate attorney. These licensed law professionals tend to have experience in and knowledge of the federal and state laws the affect the inventorying, valuation, dispersal, and taxation of a deceased individual’s real estate.
Who Should Hire An Estate Planning Attorney?
There is a certain amount of estate that you can leave to your heirs without having to pay 40% federal estate taxes. This is known as death tax or federal estate tax exemption. Back in 2015, this exemption or tax reached $5.43 million. So, many Washington locals who had a net worth below that amount assumed that it was not necessary for them to put together an estate plan. Many of them probably still think that their assets will be effectively distributed by they merely get a simple will created.
The truth is that estate planning has got to do with a lot more than just paying taxes on an estate. It is about making certain that advanced healthcare decisions are made, fair amounts of assets are provided to heirs, and finances are correctly handled.
If you do not properly plan ahead, you will have to be content with your assets being distributed in a very generic way by the state. Moreover, your healthcare decisions will be handled by someone else once you can no longer manage them yourself. Consequently, this could lead to disputes between your heirs as they could argue over what they should receive and they would end up paying greater amounts of taxes to the government, so they would be losing either way. Thus, Washington DC estate planning attorneys offer their services to help avoid such situations.
Why Hire An Estate Planning Attorney?
Unless you barely have any assets, your family dynamics are not complicated and your financial arrangements are not intricate, which is unlikely, estate planning will not be simple for you. In fact, putting together your own estate plan without any professional help can often be worse than not having a plan at all. For instance, if you end up putting together improper paperwork, some your assets might get improperly distributed to an ex-wife or a special needs family might not receive the government benefits they deserve.
If you are wealthy and the federal estate tax is applicable on you, and/or if state estate taxes are also applicable on you, then you should certainly hire an estate planning attorney in Washington DC. Inheritance can be maximized and taxes can be alleviated with the help of an estate planning attorney. Even if your assets are not in the millions, hiring an estate planning attorney could still prove to be beneficial since you will be able to stay up-to-date about family dynamics and subtle legalities.
When it comes to financial planning, many Americans neglect the importance of estate planning, and when they avoid it or do it improperly, it ends up costing them and/or their heirs dearly. While DIY estate planning is possible, it is generally not recommended. Now that there are many professional Washington DC estate planning attorneys out there, you should consider hiring one in order to avoid typical problems that surface when it comes to estate distribution and ensure an optimal outcome for your loved ones.