Contrary to popular belief, estate plans are not just for the rich and famous. The reality is that many people could benefit from having an estate plan in place. Not only can it help maximize the actual value of the estate you'll pass on to your heirs and beneficiaries, you'll have an opportunity to make informed decisions concerning how your assets should be handled while you are still alive. There are several common mistakes people make when trying to create an estate plan that will meet all of their current and future needs.
The most common estate planning mistake is not having an estate plan. Unfortunately, no one can escape death, but thoughtful planning for what may occur after your death is one of the most important things you can do to ensure your personal and financial affairs will be handled properly when the inevitable occurs.
There are many changes that can take place within a family or business structure, such as births, deaths, divorces, and new property acquisitions. Therefore, to ensure the assets you leave behind are given to those you intend, it is wise to perform a periodic update of your will when these changes take place.
An unexpected or long term disability can often have great consequences on your personal and financial affairs. Decisions such as who will handle your finances, raise your children, or make healthcare decisions on your behalf are extremely important. Therefore it may be necessary to appoint a power of attorney and/or create a living trust to work on your behalf if you're unable to do so for yourself.
When you put your child's name on the deed to your home, you are essentially giving your child a hefty sized taxable gift.. While gifts up to $14,000 are excluded from estate tax, gifts more than $14,000 per spouse are taxable. Instead, create an estate plan that passes on the home or value via an inheritance.
Sometimes the person you think is the best choice for executor of your estate is not always the best choice. For example, while you may think your spouse or child may be best suited to handle the affairs of the estate when you are gone, there may be someone else who is not as personally invested to objectively handle the extensive duties and demands required of an executor, trustee, or guardian.
Even for those who realize an estate plan can benefit them, this realization sometimes comes too late in time. To avoid the stress of not having a proper estate plan in place, it would be wise to meet with an estate planning lawyer to help you at least draw up a basic estate. Not meeting with an estate planning lawyer or other professional is probably the most common mistake a person might make, especially if you have complicated assets or if you have doubts about your own ability to draft an estate plan. An experienced attorney can provide you with tax-planning strategies based on the particular needs and demands of your estate.
Not sure how to ensure your estate planning is the best it can be for you and your loved ones? Don't worry. Many people have similar questions and go through the same line of questioning when deciding how to make their estate plan. It can be and often is critical that you get legal help understanding the basics of the estate planning process. The best way to get this understanding is to contact an experienced estate attorney near you. Stop and take a breath and call an Amarillo attorney who has had decades of experience. Pick up the phone and call Amarillo Attorney Bill Cornett. Bill is your choice as an experienced estate planning attorney in Amarillo and the Texas Panhandle. Don’t waste another minute. Call him today.
Your most important action may end up being the phone call that you make to your Amarillo estate planning attorney lawyer. In the Texas Panhandle that call should be to Amarillo attorney Bill Cornett. Whether you need assistance with a will, administration of an estate or a contested probate, contact the Law Office of Bill Cornett. Be smart…remember these phone numbers (806) 374-9498
or (800) 658-6618.
Bill Cornett, Amarillo Attorney, with Cornett Law Firm offers affordable, qualified services as an experienced personal injury lawyer, probate attorney, family law attorney, criminal law attorney, DWI attorney and divorce attorney. Bill also has experience in estate planning and agriculture law. Sit down with Bill at his office located at 612 S. Van Buren St. in Amarillo TX by calling (806) 374-9498 or (800) 658-6618 TODAY to schedule a free consultation.
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Bill Cornett grew up on a farm in Knox City, Texas. He received his Bachelor of Science in Agricultural Economics from Texas Tech University and his Doctor of Jurisprudence from the University of Houston Law School. Bill was licensed to practice law in the State of Texas in 1973.