In fact, for families with relatively modest assets, good estate planning is crucial because they can afford to lose less of their wealth.
Your estate consists of everything you own - your car, your home, bank or investment accounts, life insurance or just some personal belongings. Estate planning allows you to determine who gets what and when, with as little as possible going towards taxes, legal fees, and court costs, but that’s not all it does…
In addition to a will, an estate planning attorney will work with you to create a health care proxy and durable power of attorney that communicates your wishes clearly, and they’ll guide you through the implications of each complex decision.
Federal and, in some cases, state taxes on estates, inheritances, and gifts can be among the highest. Minimizing the tax burden increases what you leave behind for your heirs.
Estate and gift taxes usually have exemption limits, this meaning you can only give up to a certain amount without being taxed. For this reason, many people use the gift tax exemption to start transferring assets while they are still alive.
Estate planning helps you organize your financial records, titles, and insurance policies so your heirs can find them if you become disabled or at the time of your death and it helps unearth any errors on titles or beneficiary designations that could lead to devastating tax consequences.
Death and disability don’t always give us fair warning so the time to get your affairs in order is now.
Call Parker & Associates at 941-952-0600, we’ll help you put together an estate plan that ensures your family can take advantage of everything you’ve worked so hard to provide for them once you’re gone.
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Parker & Associates, P.A.
1800 Second Street, Suite 700
Sarasota, FL 34236
PH: 941-952-0600
FAX: 941-952-0601
General Contact
Ted Parker
Kathy Morgan
Real Estate Trust
Short Sale Negotiations
Corporate Law
Estate Planning
Landlord Tenant
Probate
Information on this web site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us for more information however contacting through the site us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.
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