Estate planning is about much more than preparing wills. Drafting a will is a part of a more complex set of arrangements, which vary according to individual needs. Making preparations for tax levies, handling finances and health care needs are potential parts of this set up. A trained lawyer must verify everything is legitimate and enforceable. An estate planning attorney San Jose, in the Silicon Valley, is a source of competent advice needed for making effective future arrangements. Only experienced professionals will know what is best for a personal situation.
The type of medical arrangements to consider will most likely include living wills and health care proxies. A health care proxy is a special kind of Power of Attorney that is used when a person is hospitalized and unconscious. In such a situation, this document covers personal wishes about subjects such as medications and medical procedures. A regular Power of Attorney is used for financial matters and is not applicable in such situations. A living will is another document that is drafted to convey personal instructions during a period of incapacity. Special circumstances must be triggered to bring this into effect. The lawyer you consult with will provide you with more information.
Making such arrangements is a smart decision irrespective of how much wealth is at stake. An uncommon existing situation needs special consideration. An individual with small holdings might only concentrate on matters of limited scope. These will basically designate heirs and appoint an executor to administer personal assets, pay obligations and make distributions. If significant possessions are at stake, a legal counselor will need to devise ways to decrease or defer tax duties and protect assets.
Expert counsel protects the plans from potential clashes among heirs. Certain conditions will make persons more willing to seek help. For example, some heirs may need help to manage their property. A business needs an easy transition. All possessions are to be assessed on the basis of fair market value, after payment of debt. The value of assessed assets determines the nature of expected tax levies. Payment of these levies must be accounted for.
Taxes owed will depend on individual circumstances. Anything left to a spouse who is U. S. Citizen or to a any charitable organization will be tax free. Anything left to anyone else, if that portion totals over 5 million dollars is taxable. In 2013, unless there is an amendment by Congress, this exempted amount will drop to 1 million dollars. Plans made ahead can reduce what will be paid to the Government.
Making annual gifts not exceeding 13,000 dollars is one way to protect assets. College tuitions and medical insurance premiums are not taxable when paid directly. Certain types of owned possessions may be transferred directly to an heir. The consequence of such a transfer has substantial tax benefits and consequences that need to be discussed.
Planning such bequests may trigger numerous potential taxing consequences. A competent adviser is essential to protect bequests from unpleasant results. Various details must be discussed. A trained eye reduces potential for unclear usage of language and protects plans from becoming enforceable. Only a qualified lawyer has the experience to devise favorable arrangements.
If anyone fails to plan ahead, a judge will appoint someone to handle the case. Distributions will follow the prescribed rules of intestate succession. If you want to control what happens, advance planning is essential. An estate planning attorney San Jose, California is easily accessible to begin this process.
The type of medical arrangements to consider will most likely include living wills and health care proxies. A health care proxy is a special kind of Power of Attorney that is used when a person is hospitalized and unconscious. In such a situation, this document covers personal wishes about subjects such as medications and medical procedures. A regular Power of Attorney is used for financial matters and is not applicable in such situations. A living will is another document that is drafted to convey personal instructions during a period of incapacity. Special circumstances must be triggered to bring this into effect. The lawyer you consult with will provide you with more information.
Making such arrangements is a smart decision irrespective of how much wealth is at stake. An uncommon existing situation needs special consideration. An individual with small holdings might only concentrate on matters of limited scope. These will basically designate heirs and appoint an executor to administer personal assets, pay obligations and make distributions. If significant possessions are at stake, a legal counselor will need to devise ways to decrease or defer tax duties and protect assets.
Expert counsel protects the plans from potential clashes among heirs. Certain conditions will make persons more willing to seek help. For example, some heirs may need help to manage their property. A business needs an easy transition. All possessions are to be assessed on the basis of fair market value, after payment of debt. The value of assessed assets determines the nature of expected tax levies. Payment of these levies must be accounted for.
Taxes owed will depend on individual circumstances. Anything left to a spouse who is U. S. Citizen or to a any charitable organization will be tax free. Anything left to anyone else, if that portion totals over 5 million dollars is taxable. In 2013, unless there is an amendment by Congress, this exempted amount will drop to 1 million dollars. Plans made ahead can reduce what will be paid to the Government.
Making annual gifts not exceeding 13,000 dollars is one way to protect assets. College tuitions and medical insurance premiums are not taxable when paid directly. Certain types of owned possessions may be transferred directly to an heir. The consequence of such a transfer has substantial tax benefits and consequences that need to be discussed.
Planning such bequests may trigger numerous potential taxing consequences. A competent adviser is essential to protect bequests from unpleasant results. Various details must be discussed. A trained eye reduces potential for unclear usage of language and protects plans from becoming enforceable. Only a qualified lawyer has the experience to devise favorable arrangements.
If anyone fails to plan ahead, a judge will appoint someone to handle the case. Distributions will follow the prescribed rules of intestate succession. If you want to control what happens, advance planning is essential. An estate planning attorney San Jose, California is easily accessible to begin this process.
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