Careful estate planning reduces family fighting and tax issues

On Behalf of | May 8, 2017 | blog

Many people, especially those with higher assets, know that it is important to create a last will and legally sound estate plan. You want to know that your assets are being divided how you wish and that your family will remain solvent after your death.

In some cases, you may want a living trust or other form of trust created to ensure everyone follows your medical wishes. Careful estate planning can reduce the risk of one of your heirs contesting the will and sending everything to probate court. In cases of high asset estates, trusts and other considerations can also help reduce the tax burden on your heirs.

You don’t want your assets and death to be a source of familial fighting. Earlier is better in estate planning, as it makes it clear you were of sound mind when the plan was created. However, the greater your overall assets, the more likely it is that there will be disagreement about their division.

Careful planning, including the creation of a trust, can help discourage someone from contesting your will. One of the best ways to create a valid and defensible estate plan and last will is to work with an experienced Florida estate and probate law attorney. Your attorney can review your assets and estate plan (if you already have one) to help reduce potential issues and future tax liabilities on your estate.

Trusts and careful planning can help with estate issues

You want the assets you spent a lifetime accruing to be divided in a manner you deem fair and reasonable. You also want your family to benefit from your assets, not to acquire a hefty liability in the form of estate taxes. Creating a trust or a highly structured estate plan will likely be your best option for reducing taxes on your estate. Your attorney can review your financial information to advise you on the best way to reduce or eliminate tax issues.

Unlike in some other states, you can’t just include a clause to prevent an heir from contesting the will and estate plan. These penalty clauses are not legally valid, though they could be a deterrent to some of your heirs. Instead, you need to take steps to legally protect assets that you want assigned to one party. Many times, creating a trust is the best way to do this. A special needs trust can protect a child or grandchild with special needs from losing assets to probate court. A living or revocable trust could also help ensure your estate is administered in the way you prefer.

Working with the right attorney matters

When you have high assets or believe there will be issues raised by your estate plan and last will, working with an experienced Florida estate and probate attorney is your best option. Your attorney can help you reduce tax liabilities and create a valid last will.

Source: Nov. 30, -0001