Estate planning is a tool used to manage and transfer property both during life and after death according to their goals. Estate planning involves the process of minimizing your taxes as well as providing for personal care and property management during periods of incapacity. In addition, it can provide for the custodial care of any minor or adult dependants. This is accomplished through the use of wills, living wills, various types of power of attorney documents, trusts. living trusts, and other legal documents.
Do I Need An Estate Plan?
Many people think that they do not need an estate plan due to the size of their estate. They mistakenly believe that owning all assets jointly with their spouse will cover any estate tax situations. And although joint ownership may appear to be a good solution, it does not go far enough. While joint tenancy can be part of a good estate plan, there are limitations to this technique as it does not provide for all situations and contingencies.
Can I Create My Own Estate Plan?
Estate planning has become an extremely complex process over the years. There are numerous (and ever-changing) local, state, and federal laws that must be followed. And unfortunately, do-it-yourself estate planning often fails miserably in attaining their intended goals. It can frequently result in costly and bitter litigation within families. It can also cause long delays in the distribution of assets, unintended distribution of assets, and higher tax liability in the transfer of property.
How To Develop An Estate Plan?
The best way to create a comprehensive, detailed estate plan is by using a professional firm like McNulty CPA Service. With 17 years of experience, we are uniquely qualified to assist you in every aspect of your estate planning. We can help you devise a personal estate plan that will cover all the contingencies. We make sure that your affairs are handled in the way you intended. Our personal estate plans will minimize your tax liabilty as well as provide for personal care and property management during periods of incapacity. And our custom tailored estate plans will ensure that your assets can be distributed quickly, easily, and as you intended, while minimizing the amount of tax payable to the government. We take care of all the details, including wills, living wills, power of attorney documents, trusts, living trusts, and all ot the other necessary legal documents.