Things An Estate Planning Lawyer Can Help You Protect Your Money From
Posted on: 11 September 2018
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You have probably worked very hard for the money that you have, and you could be worried about what is going to happen to that money when you pass away. An estate planning lawyer can actually help you protect your money from a few different things. These are some of them:
Taxes
First of all, as you might have already realized over your working years, it's easy to pay a lot of money in taxes. Depending on how things like trusts and accounts are set up, you may have to pay taxes on your money now. Then, when you pass away, your beneficiary might have to pay a lot in taxes, too. Estate planning lawyers know how to set things up to help minimize the amount of your money that goes toward taxes.
Creditors
Another concern that you might have is about your creditors. When you pass away, for example, you might be worried that your family members will end up losing the money that you leave to them because of the debts that you owe. In some cases, it is possible to protect your money so that it cannot be touched by your creditors. Again, this is something that an estate planning lawyer can help you with.
Family Members
There are laws on the books about who is entitled to receive a person's money when they pass away if the money is not already accounted for in a will. Some people even try to fight the wills that their family members have left behind, such as if they claim that the person was under duress when writing up the will or if the will is very old.
You might have certain family members who you would prefer to not come in possession of your money after you pass away. This could be the case for a number of reasons; for example, you could have a family member who has a drug or gambling addiction who you do not think would spend the money wisely. Regardless of the reason, you deserve to choose where your money goes when you pass away, whether you'd prefer to leave it to another family member or loved one, or if you'd prefer to donate it to the organization of your choice. Your lawyer can help you make sure that the money that you worked so hard for ends up where you want it to end up.
To learn more, talk to an estate planning attorney today.