The typical documents used in estate planning include wills, revocable living trusts, durable powers of attorney, and health care powers of attorney. It is critical to use the services of a competent estate attorney to ensure that your objectives are met. Remember to review your will or trust annually for any needed changes. This review will ensure that your estate will be handled quickly, and that your property will be dealt with according to your wishes. Consult an attorney if you have any questions about changes in your life which may require alterations to your will or trust.
Many retirees focus on the tax aspects of estate planning, and justifiably so.
The federal estate tax rate, after deductions and exclusions, starts at 37 percent and climbs to 55 percent. With proper estate planning, you can reduce the size of your taxable estate. The key is to learn about specific techniques and put them in action before they are needed. Everyone has unique circumstances that require various levels of assistance in planning their estate. Be sure to consult a qualified estate attorney for all of your estate planning needs.