More than 50 percent of all people in the U.S. pass away without having an estate plan in place. If these plans aren’t made, the state will transfer a person’s assets to the deceased person’s closest relatives and have to determine where the individual’s property and young children will go if the other parent is unable to care for them. While estate plans can be made without legal representation, it is a good idea to hire attorneys to help with estate planning in Geneva, IL. Some of the reasons this is so important can be found here.
Who Should Hire Estate Planning Legal Services?
According to the law, the federal estate tax exemption, often called the death tax, is how much a person can leave to their heirs without paying any estate taxes, which is currently 40%. However, since the exemption goes up to $5.43 million and most people don’t have a net worth this high, they may not think that estate planning in Geneva, IL is necessary. In fact, they may believe that all they need is a will to distribute the assets when tax shelters and trusts are not needed to avoid the high estate tax rate.
Estate Planning Is a Good Idea for Everyone
The fact is, estate planning is much more than just paying taxes on a person’s estate. It is all about ensuring that a person’s finances are handled properly, that all healthcare decisions are made early and that heirs receive the assets they deserve. If a person fails to plan ahead and they rely on the state for distributing their assets in a generic manner, then this may not happen. In some cases, this may even lead to high costs for a probate lawyer as heirs argue over who gets what. In the long run, the government wins and gets more of a person’s estate.
Hiring an attorney to help with estate planning is the smartest move a person can make. If they need more information about these legal services, they can visit . Being informed is the best way for a person to protect their assets after they pass away.
