One of the most common misconceptions is that estate planning is only for older people who are already in their retirement. This could not be further from the truth. The fact is, all persons should have an estate plan in place. This goes for young people and older retired people. An accident could happen at any time, and if a plan is not already in place it can leave a person’s survived loved ones in quite a mess. These are just a few of the reasons as to why a person should have an estate plan in place, no matter their age.
Take Care of the Ones You Love
One reason a person should contact a lawyer for estate planning in Rhinelander WI is to make sure that all of their surviving loved ones are taken care of as much as possible. This could include a spouse, child, grandchild or other loved one. An estate planner can help a person not only preserve all of their wealth, but they can also ensure that the survivors are taken care of. Having an estate plan in place can also help to ensure that the money or assets that are allocated towards the betterment of the survivors are used as quickly as possible. Often times when an estate plan is not in place there is quite a bit of time involved before the money or assets are able to be released to the beneficiaries.
Tax Implications
Another reason to hire a lawyer for estate planning Rhinelander WI has to do with taxes. This can be a very tricky situation, especially for those who are benefiting from a trust. The reason is there are a lot of taxes involved and those that are receiving the payments can get taxed heavily. An estate planning lawyer can help a person to minimize the tax expenses so that the recipients will receive as much money as possible without the government taking too much of a share.
Also along the same lines is the planning, to meet certain goals for the beneficiary. Instead of just leaving whatever is left of a person’s estate to their beneficiaries, another thing that an estate planning lawyer can do is to help determine the goals and needs of the beneficiaries. With these goals in mind, they can then advise the person on what that can do in order to meet those goals. One example might be to pay off the mortgage on the home. They can determine the amount of money that needs to be set aside or planned for in order to meet the goal of paying off the mortgage by a certain time period. The lawyer will help a person to set and meet those expectations.
The Daubert Law Firm provides legal service for business and corporate law in the state of Wisconsin. This includes services like corporate and business structures, human resources, business planning, bankruptcy and financing, compliance and litigation, and estate planning in Rhinelander, WI. The Daubert attorneys also offer flexible billing for their clients.
