Who Needs an Estate Planning Lawyer?
An Estate Planning Lawyer Cedar Park is a lawyer that specializes in estate planning issues. They may handle a range of issues, such as determining who the beneficiaries are and estate taxes. Sometimes they are called Estate Agents or Estate Planning Specialists.
It is important to have an Estate Planning Lawyer for asset protection of family members from creditors. Assets can include homes, cars, real estate, artwork, antiques, jewelry, and other items that may be valuable but might not be readily transferable. Although all these assets can be passed on to the person who inherits them, they will not be easily replaced.
Most assets that will be protected by an Estate Planning Lawyer will be living expenses, particularly living expenses after a death. Living expenses can include mortgage payments, car payments, utility bills, and any other expenses that might occur while a family is maintaining a home. This type of living expenses are covered by the FHA and VA, two government programs that offer assistance in paying for the monthly mortgage payments for their properties.
However, it is common to find the estate planning attorney working with an agent or a counselor before the final Estate Planning Lawyer transfer of a property. The estate planning attorney works with the legal advisor or legal counsel to decide who should receive what assets at the time of the transfer. The estate planning attorney then works with the legal counsel to ensure the assets are properly valued for taxation purposes.
Most people think that an Estate Planning Lawyer is only needed when planning for a death in the family. It is a little known fact that an Estate Planning Lawyer is also needed when there is a large sale of assets after a death. The most common types of sale include divorce, the sale of real estate, and the sale of a business.
The asset protection and tax planning part of an estate planning attorney are usually handled by the attorney. In some cases the attorney will act as a negotiator between the seller and the buyer. There may be a difference in value between the buyer and the seller, or the amount owed by the seller might be greater than the balance amount owed by the buyer. After the estate planning attorney helps resolve these issues, they will work with the attorney to get a fair value for the property.
Estate Planning Lawyers can also be helpful when working on joint tenancy with family members. Joint tenancy is property that is owned by more than one person. It is common for elderly people to be living with their parents or other relatives for the majority of their lives.
When estate planning is not used to protect family assets, it is possible that these assets could be foreclosed upon by creditors. It is possible that they could be sold at a much lower price than the value of the assets that would have been covered by the estate plan.
If the property is owned by one individual that has joint tenancy with family members, the estate planning lawyer may be able to negotiate a plan that would provide for asset protection. However, it will be necessary to obtain credit and insurance policies that would cover any debts that the family members would be responsible for paying when they are no longer living at the property.
When selling real estate and estates and protection of properties is not needed, the estate planning lawyer will deal with banks, creditors, and lenders. They will advise the client on how to protect assets from creditors, help secure loans for the family and prepare a debt relief plan. The lawyers work with the family to assist in reorganizing any accounts so that the creditors do not get their money.
While it is beneficial to have an Estate Planning Lawyer who is experienced in managing properties and their contents, it is also important that they get the proper education to understand how the financial system works. Getting the correct education in accounting, tax, and financial management is important.
Although the cost of having an Estate Planning Lawyer to manage estates and protection of properties is nominal, it is important to find an experienced attorney. They can provide a wealth of knowledge and experience that will allow you to pass your assets on with care and save you from possible financial hardships.