Effective estate planning is essential if you want to preserve your wealth for your children. Beware of making these common estate planning mistakes if you want to avoid paying unnecessary extra estate taxes (death taxes) to the IRS and state taxing authorities thus reducing your children's inheritance.
Many states have their own estate tax (death tax) and the overwhelming majority of those have "decoupled" their estate tax from the Federal estate tax, which means that your estate could be subject to state estate tax even if no Federal estate tax is due. To avoid the estate planning mistakes, you can contact Estate planning law firm in Newton, Massachusetts.
Many couples own the bulk of their property jointly and have reciprocal Wills in which the wife leaves everything to the husband and the husband leaves everything to the wife. Estate planning attorneys have a comprehensive understanding of the probate process in your state, as well as up-to-the-minute knowledge of estate tax laws. They will help you ensure that your final wishes regarding the distribution of your estate, as well as your health care and life support wishes, are carried out.
Estate planning attorneys can help you regardless of whether you want to draft a simple will for a small estate; to change an existing will so that it reflects a change in your financial status; to establish a living trust; or to set up an estate plan which includes a will, trust, and your health care and life support directives.