what does estate planning attorney involve

Estate planning attorneys, also referred to as estate law attorneys or probate attorneys, are experienced and licensed law professionals with a thorough understanding of the state and federal laws that affect how your estate will be inventoried, valued, dispersed, and taxed after your death.

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What makes a good estate planning attorney?

Estate planning attorneys, also referred to as estate law attorneys or probate attorneys, are experienced and licensed law professionals with a thorough understanding of the state and federal laws that affect how your estate will be inventoried, valued, dispersed, and taxed after your death. In addition to educating you about the probate process, an estate planning attorney …

Should I hire an estate planning attorney?

It typically involves tax planning, which helps you preserve the full value of your estate. It can also involve strategizing ways to keep your estate out of probate court. The right attorney will help you consider the big picture, and make sure that all components of your estate plan are working harmoniously. Your estate planning lawyer can also help you keep your plan up to date.

What should you look for in an estate planning attorney?

Nov 03, 2016 · Basically, an estate planning attorney is one who specializes in preparing clients for the possibility of mental incapacity, as well as the distribution of their estate after their death. Estate planning attorneys can offer customized assistance based on …

Do you need to hire an estate planning attorney?

Apr 13, 2019 · In some ways, estate planning attorneys can be a good choice simply because of their specialized knowledge of estate planning requirements of older adults, which are almost always different and more focused than the needs of the younger part of the population.

What is an estate planning attorney?

An estate planning attorney is a bar-certified attorney who focuses his or her practice on assisting clients in preparing for their eventual death or even potential incapacity. The attorney will need a basic legal background and license to practice law in their state, but an attorney who focuses his or her practice on estate planning. They work with the client to draft legal documents that include last wills and testaments and trust documents. The attorney’s background is such that he or she will be able to advise the client on the best estate plan for the client’s situation. The estate attorney will also draft associated documents, such as powers of attorney and healthcare directives, to help the individual prepare for what would happen in the event of incapacity.

What are the responsibilities of an estate planning attorney?

The attorney’s first responsibility is to meet with the potential client to discuss his or her life situation, get a good idea as to what the person’s goals are, and to advise him or her on the best options in an estate plan.

What is an estate plan?

Everyone needs an estate plan, whether it be something as simple as a will or complex as a revocable trust. It is important that every individual have these documents to direct his or her loved ones on what happens to his or her personal belongings and debts after death, as well as who will take care of the person’s minor children in the event ...

What does an attorney do when preparing a trust?

If the attorney prepares a trust, he or she may also work with the client on preparing associated documents to ensure that the goals of the client are met even after the trust is executed. For instance, for a trust to be truly effective, the property of the grantor of the trust needs to be funded into the trust.

How much does an attorney charge per hour?

Hourly rates can be anywhere between $100 to $500 for hour depending on where the attorney is located and what is required. However, hourly rates can tend to get fairly costly, and it is for this reason that many choose the simpler, flat fee arrangement.

What does it mean when someone prepares an estate plan?

Everyone’s life situation is different, which means that what one person needs when preparing an estate plan is completely different than what another individual may need. In addition, many people will prepare these “DIY” estate plans without really understanding what they are signing.

What documents do estate attorneys draft?

The estate attorney will also draft associated documents, such as powers of attorney and healthcare directives, to help the individual prepare for what would happen in the event of incapacity.

What is an estate planning attorney?

Your estate planning attorney is an important member of a larger team of professionals that might include your accountants, investment advisors, and insurance agents, among others. An attorney can work with these team members to support your estate planning needs. They may choose to organize and conduct meetings with specific people. They may also get in touch with your accountant to file tax returns, update business entity documents, and ensure that other necessary changes are made. An attorney understands what needs to be done and who can be called on to complete tasks, saving you the time of learning and organizing the necessary collaborations yourself and allowing you to focus on other pressing matters instead.

Who is OFP Law?

Speak to the estate planning attorneys at OFP Law for more information about estate planning and how an attorney can assist you. The firm’s attorneys have years of experience in developing estate plans to meet the needs of their clients and can work with owners of businesses, corporate executives, and other professionals to establish their personal estate plans. In addition to its estate planning services, OFP Law can also represent fiduciaries in the administration of trusts and estates and litigate matters resulting from estate and trust concerns, if they should arise.

What is end of life planning?

End-of-life planning is a difficult but necessary process . It’s important to consider what you’d like to happen with your assets after your death, how they will be distributed, and to whom. Through estate planning, you can create a legally-binding plan that dictates your wishes and entrusts certain people with the responsibility of seeing those wishes through. Estate planning requires extensive legal experience, and the support of an experienced estate planning attorney is typically advised. These professionals can walk you through the process from start to finish, compile and file documents, and ensure that your wishes are protected by the law. Here are some of the many roles and responsibilities that an estate planning attorney can complete.

Why is good estate planning important?

Good estate planning is often more impactful for families with modest assets because the loss of time and funds as a result of poor estate planning is more detrimental.

What is the best benefit of estate planning?

The Best Benefit Is Peace of Mind. Knowing you have a properly prepared plan in place—one that contains your instructions and will protect your family—will give you and your family peace of mind. Estate planning is one of the most thoughtful and considerate things you can do for your loved ones.

How to plan for a death?

That is estate planning—making a plan in advance, naming the people or organizations you want to receive the things you own after you die, and taking steps now to make carrying out your plan as easy as possible later. However, good estate planning is much more than that. It should also do the following: 1 include instructions for your care and financial affairs if you become incapacitated before you die 2 include arrangements for disability income insurance to replace your income if you cannot work due to illness or injury, long-term care insurance to help pay for your care in case of an extended illness or injury, and life insurance to provide for your family at your death 3 provide for the transfer of your business at your retirement, disability, incapacity, or death 4 name a guardian for your minor children’s care and inheritance 5 provide for family members with special needs without disqualifying them from government benefits 6 provide for loved ones who might be irresponsible with money or who may need protection from creditors or in the event of divorce 7 minimize taxes, court costs, and unnecessary legal fees, which may include funding assets into a living trust, completing or updating beneficiary designations, or otherwise aligning your assets with your estate plan

What is conservatorship in court?

The court will supervise and ultimately control how your assets are used for your care through a conservatorship or guardianship (depending on the term used in your state). It can become expensive and time-consuming, it is of public record to some extent, and it can be difficult to end even if you recover.

What is an estate?

Your estate consists of everything you own: your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions. No matter how large or how modest, everyone has an estate and something in common—you cannot take it with you when you die. When that happens (and it is if not when), you ...

Is estate planning a one time event?

Importantly, estate planning is also an ongoing process, not a one-time event. You should review and update your plan as your family and financial circumstances (and the relevant laws) change over your lifetime.

Is probate open to creditors?

With some exceptions, probate proceedings are open to the public, and your creditors and any excluded heirs are notified of their opportunity to file for payment of a debt or a share of your estate. In short, the court system, not your family, controls the process and the timing of distributions to your beneficiaries.

What is estate planning?

Your estate is the collection of everything you own — money, property, and other personal belongings. No matter how much you own, those things will need ...

Why is estate planning so daunting?

Estate planning is daunting because it requires you to plan for your own death. And while it’s very easy to ignore, a solid plan can really make things easier for you and your loved ones both before and after your death. When you create an estate plan, there are some essential things to consider.

What is the executor of an estate?

The executor of your estate, also called a personal representative, manages your estate through the probate process. They handle tax bills, debts you hadn’t paid off, and other matters affecting your estate. The executor also oversees the disbursement of your assets to beneficiaries.

Why do you need a trust?

In particular, a trust allows your estate to avoid probate for the assets in the trust. This can save time and money if you know that you want to pass certain assets to certain beneficiaries. Assets you move into some kinds of trust are also no longer part of your estate, which means your taxable estate is smaller.

What happens to your estate when you die?

Then, the estate goes through the probate process, where a probate court decides what happens to your assets.

What states have estate tax?

There is also an estate tax in 12 states and the District of Columbia: Connecticut. District of Columbia. Hawaii.

How to start an estate plan?

The best way to start estate planning is to take an inventory of all your assets. Identifying these up front can save a lot of time in the future, especially if you’re working with an attorney or working on a joint plan with your spouse. Keep your list in a place where you can easily reference and update it.