Elder Law Lawyers do Estate Planning | Elder Law | Amsberry Law Firm

Everybody wants that their loved ones, particularly their children, to be able to use and enjoy the assets left behind after they are gone. Moreover, gifting assets is not as straightforward as you may think, and you have to be strategic when leaving property, money, or anything else. This blog is all about how an Elder Law lawyer helps you with your estate planning and provides you better services.  

Elder Law Lawyers

You Don’t Name Beneficiaries

There is an option on life insurance policies and retirement accounts to name a beneficiary to who the benefit will pass on after your death. The benefit is almost certain to go through probate after your death if you don`t name a beneficiary. If you don't name a beneficiary, the policy could end up being taxed more than you anticipated. 

Therefore always name beneficiaries and make sure to name a depending beneficiary as well. The procedure for naming a beneficiary is usually simple, so don`t forget to make sure you have one named.

 

You Forget About Appreciation

It is entirely in your hand to give your loved ones your stocks before you die. The recipient will end up paying capital gains taxes on profit, which could be significant if they have appreciated. Avoid gifting highly appreciated assets while you are alive if you save them to be passed on after death the basis will set up to current value. Stocks that have a high appreciation should be saved to be passed on after death, and always make sure that your loved ones get the maximum benefit.

 

You Give Too Much

You may want to give assets before your death if you are eager to pass on assets to your children. You need to have enough money to live comfortably, while sometimes this makes sense. You can give too much in the form of cash, but you also tie extra money in trusts and investments, not leaving enough to have a comfortable financial future. While leaving enough that you will be comfortable as well, deem your gifting options to help your children. 

 

You Leave Assets to a Minor Child

Your life insurance policies and property-related assets are directly transferred to your children when they turn 18, often in full. For a young adult, this is a great responsibility, and studies show that inheritance is spent within 18 months of receiving it. 

You have to think about the bad spending habits of your children, future divorces, and lawsuits. There are many ways to structure your gifting to protect your children from making rash choices with the money you want to leave them.

 

In Closing

As you how an Elder law attorney help with estate planning at any stage of life, but we are especially passionate about estate planning for seniors. We can advise you on how to maximize your gifting loved ones whether you don`t have any estate planning done. 

Hopefully, the information shared through this blog will be more beneficial according to the search. If you are looking for estate planning, feel free to contact an elder law lawyer. Happy searching!