There are various myths and misconceptions surrounding the issue of estate planning. Most of these myths are the produce of sloppy communication between clients and the media others are from the misunderstanding of some of our most basic laws.
Estate planning is a powerful tool that individuals with large and small estates must understand to ensure that their estate is awarded to their chosen recipients when they pass away. The following are the most common myths about estate planning. For more information about estate planning, you can also visit http://speedwelllaw.com/alexandria-estate-planning-attorney/.
Estate Planning is only for the Rich. This is often a costly assumption to the people who most need the protection the most. The misconception comes from the focus on estate taxes by lawyers and financial advisors, but most people will not have to worry about complicated estate tax issues as they affect million dollar estates. Planning itself matters to everyone because it involves designating your health care and your assets to individuals of your choice in case you become incapacitated or pass away.
Estate Planning Protects My Assets. A family trust won't protect your assets from lawsuits or business risks. Most states classify family trusts or living trusts as transparent, therefore your assets are vulnerable to lawsuits and other losses as if you never did estate planning. Homeowner's liability insurance and auto insurance are a few simple examples of true asset protection. Hire a specialist to protect any specific assets.
Estate planning is the preparation for one's incapacitation. You should do it now, regardless of your age or health. It is important for each of us to recognize that substantial wealth or assets are not a factor in determining the need for estate planning.
Question any estate litigation lawyer why he has a job and he'll tell you that poor or zero estate is the main source of his income. Unless your goal in life is to provide the estate litigation attorneys a living, I suggest you embark on your estate planning adventure today. You can have a look at the video at https://www.youtube.com/watch?v=qwb9N5lDCsI to get more information about the estate planning.
The basic components of estate are: making a will, minimizing taxes by setting up trust accounts for beneficiaries, naming a guardian for living dependents, appointing an executor to enforce the terms of the will and establishing a durable power of attorney to direct other assets and investments.
There are attorneys, in fact, entire law firms specializing in estate planning, professional associations of estate planners. There are many resources on the Internet that can be of value in helping you locate an estate planner in your area. Keep in mind that estate and probate law vary state to state, so prudence dictates that you select an estate planner from your home state.
Get off your hands and start the process! Your family will thank you for it, you'll sleep better and except for updating things as your life circumstances change, you will have this chore behind you!
Whenever a person engages in any sort of a transaction be it a transaction of exchanging goods, products, services or any other intangible asset, the person sees law being involved for the smooth governing.
Real estate or property is one such asset where maximum transactions take place with involvement of sizeable capital. Governing such commercial property transactions is the commercial real estate law which comes into force when any person engages into any activity dealing with land for commercial purpose, office, factory, warehouse, hotels, complexes, commercial activity centres, space for rent purpose etc.
This real estate contract or commercial real estate law governs and states all the matters that are linked with a said property deal that include:
§ the value of the said property
§ period of time for deal
§ clauses and conditions that the involved people or party must abide by and fulfil
Dealing with such commercial real estate law may not always prove uncomplicated and easy and it is best advised to consult a commercial real estate lawyer for right counselling and guidance. A law is always a myriad affair for a layman and engaging or entering into a contract needs sound knowledge about the ins and outs of such laws and governing principles. You may navigate to our official website, if you need to know more about elder laws.