Estate Planning Attorney in Gulfport, MS
You do not have to be a Millionaire to benefit from Wealth Preservation through Estate Planning. Single parents or anyone who may have one of the following circumstances should come in to talk about whether they would benefit from a Revocable Trust, Family Limited Liability Company, or other Estate Planning tool:
- If you have children and want to name the person who will be the Guardian and care for them if you and your spouse, if applicable, die and you want to ensure that they are financially stable under such circumstances;
- If you have a business and want to do succession planning to provide for your loved ones, clients, customers, employees, or your disability or retirement;
- If you want a shield against potential lawsuits, creditors, or family members with drug, alcohol, gambling or other addictions;
- If you want to be able to name who will make decision should you become temporarily incapacitated or permanently disabled;
- If you want to avoid the costs and delays of probating your Estate or want privacy from others knowing about your Estate;
- If you have a large Estate and want to reduce Estate Taxes;
- If you have children from a prior marriage, or marriages, and want to work out issues for what I call a “blended family;” or
- If you have a child or loved one with a special need.
In fact, any adult with measurable assets or with children should evaluate making an Estate Plan because it could protect your assets from lawsuits and liabilities, you can name a Guardian for your minor children should something happen to you, and you can name and control what happens to your assets and medical decisions if you become incapacitated. Such documents provide all-around benefits by planning for the unexpected rather than being caught without a plan.
Family Law Attorney in Gulfport
Sometimes families consist of children from the wife or husband’s prior marriage(s) after a divorce and, perhaps, children that they have together. You may be in a second or later marriage, with such children, and step-children, and I call these situations “blended families” because they may present special circumstances such that you may benefit from a Trust. Each situation is unique, so if you have such a family, please give me a call to discuss whether you would benefit from a Trust or Family Limited Liability Company.
Will Lawyer in South Mississippi
The Federal Estate Tax, which is applied to the gross value of an estate that EXCEEDS the exemption amount, is altered each year. As of 2013, the exemption amount is $5,250,000.00, such that if the value of your Estate exceeds $5.25 million, the amount above $5,250,000.00 is taxed at a 40% rate (not the whole $5.25 million). Currently, anything below $5.25 million in Mississippi is not faced with a State or Federal Estate Tax. If your Estate exceeds $5.25 million, or may exceed that amount at the time of your death, you can place your assets into a Trust and there are techniques that you can use in a Trust that can reduce the size of your taxable estate and, thus, the amount of Estate Taxes that will be taxed against your Estate. Please remember that the value of investments and real property in a Trust should be greater at the time of your death; therefore, you should call to see if your Estate would potentially benefit from a Trust and discuss the specific details of your assets and Estate Plan.
With a Revocable Trust or Family Limited Liability Company, if funded properly, you can avoid probate for your assets including real estate property, bank accounts, investment accounts, automobiles, etc. These legal entities will allow you to serve as Trustee, with complete control, as long as you are legally competent and will allow you to control and plan for your incapacity, as well as to provide for your family and business, after your death. Therefore, these may be valuable tools for your Estate Plan.