A person doesn’t have to be exceptionally wealthy to want to try to avoid entanglements if they are looking to leave assets behind for their family members after they pass away. In these situations, whether a person has a lot of money or only minimal assets, consulting with an Estate Planning Lawyer in Timonium MD is a great option. There are many things that an estate planning attorney can do to help an individual prepare their affairs. This makes it so that in the event they pass away, the smooth transition of assets for their family members and friends can be assured.
In some instances, people with a fair amount of assets will move to start disseminating those assets before they pass away. When it comes to family members, tax free gifts can be given ahead of time so that there are no tax or inheritance issues after a person has passed away. This takes a lot of planning, but it is one way to avoid some of the tax and probate hassles that can come about after a person has passed away.
Another efficient way of passing on assets, especially liquid assets, to family members without the hassle of probate or taxes is through life insurance policies. Many times, people will tie up much of their finances into life insurance policies and pass on those liquid assets to family members after they have died. The good thing is that the life insurance policies are exempt from taxes. This means that once a person has passed away and the right documentation has been sent to an insurance company, they will immediately pay out the life insurance benefits to the designated recipient.
While there are many other things to consider when speaking with an Estate Planning Lawyer in Timonium MD, these simple tips can help a person prepare for a smooth transition of assets after they have passed away. Whether it’s creating a will, setting up a trust or purchasing a life insurance policy, if you want to make these plans ahead of time, you may want to check out a website like website name. This law firm can give you all the information you need on estate planning.
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