Write a process not unique, which is why many people should seek the services of a lawyer. For many people, it's pretty simple: just list all your assets and then determine who will receive them after you leave. However, if you have one or two unusual circumstances, you will need experienced lawyers to help you. Discover some of these unique situations and see how a lawyer can help you in every one of them.
Do you really need estate attorneys if you are single and childless?
It is a common misconception that single people or without children do not need the help of estate attorneys. It is true that they do not have to worry about protecting children or spouses with a will, but that does not mean they should not have one. Without a will, their assets will go to their parents. If you have a specific request or want to leave your assets to a charity, you will need a will.
However, what happens if you need medical care and can not defend yourself? Prosecutors can help you appoint a medical attorney to designate the medical decision maker. Also think of a living will. This document states your exact wishes in case of specific medical conditions.
What happens if your spouse is not a citizen?
Spouses receive special treatment with respect to taxes after the death of their spouse. This means that they will not have to pay taxes on federal estates. However, if the surviving spouse is not an American citizen, this shield does not apply. Non-citizens can collect up to $ 5.34 million before federal estate taxes are collected, which provides some protection for smaller areas. Beyond this threshold, money is taxed.
Married couples, however, have a way to protect their non-citizen spouse. Each year the citizen citizen can donate up to $ 145,000 tax-free. This reduces the size of the estate while legally protecting it from inheritance tax. A last option is to ask the spouse to apply for citizenship, but this process can be quite lengthy.
Prosecutors can help you if you have children with special circumstances
It is not common for parents to leave disproportionate amounts to their children, but there are circumstances that may justify it. If you have a child who requires special medical treatment or special needs requiring 24-hour medical care, you should consider giving him or her more capital. Without a testament, your assets will be divided equally, meaning your child with special needs will not be protected. It is essential that you discuss this plan with all your children so that everyone understands why you are leaving them different amounts. Otherwise, your children may quarrel or fight after you leave, when they try to mourn.
Meeting a lawyer is an important beginning for the estate planning process. Before doing so, however, think about the specific circumstances to consider. Having a good idea of how you are going to handle these circumstances can make the entire process smoother from start to finish.