So you’re ready to start planning your estate. The truth is, many people put off this vital responsibility for far too long, often to the detriment of their estate and their loved ones. Fortunately, you are ahead of the curve now and ready to go. But who are you going to turn to as you get started? What type of legal assistance do you need?
Considering that one of the top reasons for creating an estate plan is to prepare for tax issues that arise when wealth is transferred, the clear answer is a tax lawyer with estate planning knowledge and experience.
Why You Want a Tax Lawyer to Plan Your Estate
As the saying goes, “Nothing is certain but death and taxes.” Any estate planning professional will tell you that you should never create a plan involving your finances and property without reviewing and clarifying the tax consequences of those actions. Tax attorneys have in-depth knowledge of the tax code and a wealth of understanding in its practical applications. This is invaluable when designing an estate plan that ensures most of your wealth and property will go to the loved ones and charities you have designated, rather than to the state and federal government. Tax lawyers can also help you structure your finances right now so that you can benefit from any applicable tax advantages. This can mean more money in your pocket now and a higher retention of your wealth to pass on after your death.
How Your Tax Lawyer Can Help with Your Estate Planning
Tax attorneys can provide a wide range of estate planning services to help you with your needs in this important area, including:
- Offering legal counsel on the various estate planning options available to you.
- Designing a living trust that meets your estate planning needs while addressing tax issues and potential consequences.
- Helping married couples create estate plans that take full advantage of the federal transfer deduction exemption for spouses.
- Counseling you on how to handle property you own that is located outside of Ohio.
- Applying advanced estate planning strategies for individuals and families with substantial property, assets and wealth.
These are just a few of the ways that a skilled tax attorney can assist you with the complex duties of estate and tax planning that are essential to a comprehensive plan. To learn more and to discuss your specific financial circumstances and tax planning needs, contact Mockensturm Limited today.