Many people find estate planning intimidating because your family’s financial stability hangs in the balance. Failing to create a comprehensive plan can have ramifications for years to come. Fortunately, the attorneys at The Law Offices of Bromm, Lindahl, Freeman-Caddy & Lauster are well-versed in crafting estate plans. Below, the outline the basic considerations that must be made for your plan to be deemed valid.
Your estate’s net value is calculated by subtracting your total amount of debt from the total amount of your assets. Should this number exceed the federally established exemption amount, your beneficiaries will be required to pay federal, and sometimes state, estate taxes in addition to any probate expenses or income taxes you incur the year of your death.
Health Care Needs
Estate planning gives you the opportunity to address any future health care needs while you are still alive and capable of making decisions. This is especially important if you become incapacitated by illness or injury. In this case, you can explicitly spell out your health care directives, which will save your loved ones a great deal of heartache or arguing.
While there is an abundance of resources offering assistance for DIY will creation, attorneys typically advise against using these services. The laws governing estate planning can be complex, and failure to comply might lead to your will being contested in court. As a result, your heirs will end up in probate, which is a lengthy and often expensive process.
If you have questions about estate planning, contact The Law Offices of Bromm, Lindahl, Freeman-Caddy & Lauster to benefit from a rich legal background that began in 1893. Learn more about the firm’s full range of practice areas by visiting them online, or call (402) 443-3225 to schedule a consultation.