An Estate Planning Attorney San Jose, California Is There To Help November 12, 2013 | Author: Rachael Gutierrez |
Posted in Legal
Numerous individuals mistakenly think estate planning is essentially about preparing a will. But, this will only be a part of this process. Preparing for
tax charges, managing finances and health care contingencies may constitute
bigger parts of the arrangements. A qualified counselor will verify everything
is legitimately enforceable. An estate planning attorney San Jose, in the
wonderful Silicon Valley will capably help to arrange your needs. Only an
experienced professional will know the optimal course of action in a given
situation.
Common medical considerations will probably incorporate a living will and a healthcare Power of Attorney. This assurance is a useful to protect interests in
case of hospitalization. It authorizes a designated individual to act on behalf
of the patient. This authorization is different from a customary Power of
Attorney associated with managing finances. A living will is drafted to manage a
more long term condition. Extraordinary circumstances must be triggered to carry
it into effect. Further information will be provided during a consultation.
Any existing unusual circumstance needs special attention. Whether a person has substantial assets or not, settling matters is a wise choice. A person with
limited assets may just focus on a few matters. These will primarily be who
shall manage this estate, pay debts, handle distribution and who will be
beneficiaries of these assets following death. If significant assets are at
stake then a lawyer will also discuss ways to preserve property for your
beneficiaries and reduce or postpone any applicable taxes.
Professional assistance will be needed to sort out the situation where a potential for conflict may exist, or if an intended recipient needs help to
manage personal affairs. An existing business will also be a complication. The
value of any possession will be is equal to the fair market value, after
deduction of debts. This value is relevant to determine whether estate and
capital gains taxes will apply. To make sure there will be sufficient resources
to pay these taxes is an important factor.
The tax amounts will vary according to the circumstances of each case. Property given to spouses, who are U. S. Citizens or to charitable causes are
not taxed. Otherwise, any property exceeding five million dollars in value is
subject to taxation by the Government. Unless Congress makes a change, in 2013,
the exempted amount will be lowered to a million dollars worth of value. But,
planning ahead may lower th. Derek Carr
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