The role of estate planning lawyers

Even though the only things in life that are certain are death and taxes, no one likes to think about their own mortality. In fact, we despise the idea of considering our own demise so much that we will do almost anything to avoid thinking about it. It makes us uncomfortable to have conversations with our family members such as our spouses and children about our wishes for what will become of our worldly belongings after our death. However, making sure that a comprehensive plan is created that addresses what will become of you and your assets when you can no longer make that decision for yourself should be a vital part of your life. Known as Estate Planning, this process will help ensure that all of the various – and sometimes  daunting – documents that will be needed towards the end of your life are prepared, meet all the necessary legal requirements, and are up to date and comprehensive.

The most basic types of Estate Planning include the guided preparation of a will, a pre-appointed person to act as your power of attorney regarding general matters of your life, a specific pre-appointed person to act as your power of attorney in regards to your health care, and a living will. These four things are the most basic items that every person should start with when they sit down with their chosen estate planning lawyers.  There are many other services that a lawyer that specializes in estate planning can provide as well, and these services will vary from lawyer to lawyer.

(The first four items have already been covered and are the basic minimum that every adult should consider and prepare when it comes to Estate Planning.)

•Wills

•Durable Powers of Attorney

•Health Care Powers of Attorney

•Living Wills

(The following items are optional and the need for these particular documents will vary from person to person based on their specific needs.)

•Family Limited Partnerships (LLC’s and LLLP’s) – creates a partnership between you and your family members and can reduce that amount of taxes that some members will pay lower taxes on your assets.

Revocable Trusts and Living Trusts – Trusts that are created during your lifetime that act similar to a will, except that they can go into effect while you are still alive in the unfortunate situation where you are mentally or physically ill and incapacitated. It allows you to keep control of your assets while you are alive as well as after your death, even if you are incapacitated.

•Qualified Domestic Trusts

•Qualified Personal Residence Trusts

•Grantor Retained Annuity Trusts

•Minor’s Trusts

•Grandchildren’s Trusts

•Irrevocable Life Insurance Trusts (ILIT’s)

•Charitable Trusts – assets that are allocated to charitable donations after your death can reduce the tax burden on your family, as these types of donations are tax deductible without any kind of limit. These donations can therefore reduce the taxable estate.

•Supplemental/Special Needs Trusts

As you can see, there are many different ways for you to separate your assets when you die, and it is very important to have these documents prepared ahead of time.

Advertisements

Selling your home with a good real estate lawyer

If you are either going through or about to go through the process of selling your home, there are a number of things that you have to work to get figured out before you start even having people over to look at the home. Some of the work is going to be with the house itself and getting it cleaned up enough so that people will be interested in buying it, then there could be any number of possible replacements or improvements on the house that you might consider doing in order to help the house sell better. Some people decide it would be worth it to them and their efforts to replace things like the roof or particularly smaller things such as pieces of wood that have rotted out or bits of carpet that have really gotten destroyed over the years.

probate  lawOnce you have things figured out with the house itself, you need to put your time and effort into finding a great realtor if you are going to go down that road. This decision can have a huge impact on how well your home sells and what kind of a price you can expect. Different realtors will come at different costs and each will offer different services and talents. Another thing that people often try to do in order to help in the process of selling their home is to hire a real estate lawyer like one of the team from Hickey Law Firm. This can be incredibly helpful and useful because in the process of selling a home, there is a huge amount of paperwork that needs to be done and done correctly. If you have a real estate lawyer on your side they can help you make sure that you have everything under control with the deed, the contracts, title analysis, lease issues, homeowners association issues and your property sales and purchases. Then of course your real estate lawyer from Hickey Law Firm will also help you prepare the contracts for the sale of the home, review the title paperwork and conduct the closing. There are a few realtors that can do some of these things but it is rare to find one that does all of them and is particularly skilled at them since this is not the main job or the main priority of a real estate agent. When you hire a real estate lawyer like the ones from Hickey Law Firm, you can be sure that they are going to have everything totally under control and will know exactly what needs to be done during every step of the process for selling your home. The real estate lawyers are Hickey Law Firm have been working in real estate law for quite some time and have quite a bit of experience with all different kinds of purchase and selling of both residential property as well as business property. You can depend on them to answer any questions that you might have and to walk you through the process so that you can be confident that you are going to have the best experience possible while selling your home.