Estate planning protects the assets you’ve worked so hard to build. It is one of the most important decisions you can make for yourself and your family. Estate planning involves using various legal documents to ensure that your wishes are appropriately carried out and respected should you pass away or become incapacitated.
Estate planning often involves a discussion of the following subjects:
- Who will receive your property when you pass away?
- How will your debts be handled?
- Who should be the guardian of your children?
- What should you do if you have any children with special needs?
- Do you need a Trust, or are there other options for achieving your goals?
- What is the best option for protecting my child’s inheritance?
- Who will take care of your pets?
- What will happen to your business?
- How can any death taxes be avoided?
- Who will make medical and financial decisions for you if you are unable to make or communicate those decisions on your own?
- Who should have access to your medical records / protected health information?
- What are your end-of-life wishes?
- How do you feel about artificial life support?
- Do you have any specific wishes regarding burial or cremation?
- Do you have any specific wishes regarding any funeral or memorial?
In most cases, unless you pass away with an estate valued at more than $11.58 million (for 2021), it is unlikely that your estate will owe federal estate taxes. In certain situations, married couples can transfer up to $23.16 million (for 2021) tax-free.
If you need assistance with any aspect of estate planning, contact the Law Office of Byron K. Hammond, LLC for a complimentary consultation.
Estate Planning
