Planning for the future is important in the event of death or the incapacitation of an individual. Although it can involve difficult decisions, an Estate Planning Lawyer in Bainbridge Island can walk an individual through the entire process. No one plans on becoming incapacitated resulting in the ability to make decisions on their own, but it does and can happen.
An individual is never too young to plan their estate. A person doesn’t have to be a millionaire in order to have estate planning performed. Planning now for the future can remove the burden from family members to carry out an individual’s wishes.
Situations Estate Planning Can Address
Estate planning can address what medical care an individual wants in the event of a major accident. It can also state whether an individual wants buried or cremated. An individual can be named to handle all of an individual’s business in the event they are seriously injured or passed away.
Estate planning can help to create a will, health care proxy, and a durable power of attorney. Another added benefit of estate planning is it can maximize what an individual leaves behind in the event of their death. Minimizing the federal or state taxes can be a goal of an Estate Planning Lawyer in Bainbridge Island.
Even when an estate seems to be straightforward or have a limited amount of assets, a will is essential. A will outlines what will happen to assets in the event of death. It can provide directives for personal belongings, money in the bank, and even funeral arrangements.
Reducing Gift Tax
An individual can use the gift tax exemption to transfer assets while they’re still living in order to lower the amount of taxes that need to be paid. Beneficiaries can eliminate the amount of tax they pay as a beneficiary when assets are transferred using the gift tax exemption.
Reducing the amount of stress on a loved one because of estate planning, is one of the best gifts an individual can provide for their family and loved one. Visit with an estate planning lawyer to discuss how this type of service can help you.