Estate and Family Planning for Real Estate

Estate and Family Planning for Real Estate

Introduction

Estate planning is the procedure of disposing of an estate by Estate Planning Lawyers. Estate planning term refers to planning of person's estate in such a way that after his or her death, financial situation of any unit - be it a family or be it an organization remains stable and no confusion arises due to the absence of the proprietor.

The word estate has been defined as anything that is owned by the person upon the time of his death. That estate can be anything ranging from real estate, bank accounts, stocks and other securities, life insurance policies, to personal property such as automobiles, jewellery, and artwork.

Though, it is very important for any educated person to plan his or her estate, estate planning still remains a little ignored job. However, it would really be very helpful and important to know the benefits of estate planning.

First of all, it is very important that you identify the family members and other loved ones that you wish to receive your property after your death. Estate planning can give you a very clear frame of mind and prevents the possible confusions regarding your estate after your death.

Having identified the relatives, it is important that you select the correct legal way that ensures the speedy and hurdle free handing over of the property to your loved ones.

It is important that you make sure that the taxes involved in the transfer of the property are the least.

Make sure you utilize estate planning devices like living trusts and "payable on death" bank accounts so that your time and costs are saved in dealing with probate process.

While making your estate planning, you can also decide what kind of medical care you would like to receive in case, at the crucial time, you are not able to take the decision.

The estate planning also allows you to decide the funeral arrangements and related expenses that you would like to have for your self after your death.

As far as lawyers are concerned, the estate planning does not involve only document preparation, but it requires good skills toward relationship building and counselling.

When, there is any case regarding estate planning, lawyers usually leave no stone untouched in obtaining all the information about the family, the complexities of the relationships of the members. They also take into consideration who the clients wish to allot money for the education of their children.

It might also be possible that the estate planning lawyer would hire other advisers in the process of estate planning, if it is agreeable to the client.

Discussion

Wealth management, tax efficiency and family harmony are of great importance to successful families. The shared values and aspirations of a multigenerational family should be evident and upheld throughout their estate plans. Thoughtful and creative planning must be marked by the highest level of technical tax advice and wealth preservation techniques. Greenberg Glusker's Family Wealth Group combines all these defining elements to provide a platform for the ...