Estate planning, which includes the drafting of legal documents like wills, trusts, and powers of attorney, is the process of preparing instructions on how to manage your assets after your death. State and federal laws apply to estate planning, and so do taxes. In order to protect your assets, it may be necessary to create legal entities such as limited liability companies (LLCs) or family partnerships. The estate tax and other related issues are a hot political topic, and estate laws change often. It is vital to consult an experienced estate planning attorney, in order to protect your assets and meet the goals of your estate planning wishes.
Estate planning allows you to decide what will happen to your assets after your death. It allows you and your loved ones to save time and legal costs, and avoid financial and administrative hassles. Your estate plan should include, at a minimum, a Last Will and Testament and power of attorney documents.
Powers of attorney are legal documents that allow you to give directions to another person, who can then make legally binding decisions if you are unable to do so yourself or under other circumstances as you may need.
Contact an Iowa estate planning and probate lawyer representing clients in Mason City, Iowa today to schedule your initial consultation.
A will is a legal document which provides instructions on how to deal with your property after your death.
The basic purpose of estate planning is not simply to distribute property after death, but to reduce inefficiency and taxes throughout the probate process. Most estates are free of federal taxes, and a spouse can leave a surviving spouse an unlimited amount of money free of taxes. Under current law, the first $11.2 million for individuals and $22.4 million for married couples are exempt from federal estate tax. Many states, including Iowa, also charge an inheritance tax in certain situations as determined by the State legislature.
Estate planning is vital for security and peace of mind for yourself and your family. If you need help at any stage in the estate planning process, you should contact a lawyer experienced in estate planning to ensure your needs are met and your estate is protected.