Many people think they don’t need an estate plan because they feel that their estate is not big enough to need expert planning. A middle class family with a home, two cars, and a retirement and savings account, is a perfect candidate for an estate plan. Assets pile up surprisingly fast. A good estate plan can be used to distribute your estate to your heirs so that taxes are minimized. Your estate is comprised of all you possess to include – savings accounts, homes and land, cars, and investments. To minimize tax liability for your heirs you need to sit down with an estate planning attorney.
Reduce Estate Taxes Denver
Estate planning is about more than just reducing estate taxes, although that is a valuable and component. A good estate plan covers many eventualities, such as a living will, what person will assume the care of dependent children, power of attorney etc.
They are many different methods of estate planning; it is best to leave your estate plan in the hands of a professional. Estate planning requires knowledge of complex laws and statutes. If you have a house, car and banking account that you want to leave to your heirs, you should consult an estate planning attorney.