Many people mistakenly assume that any lawyer can handle any and all of their legal needs. In the same sense that you would not depend on your general practice physician to consult you on a neurological problem, or a autoimmune blood disorder, depending on a generalist attorney to handle your estate planning needs is risky. There are specialists in any field, and in the field of law, estate planning lawyers who are specialists know best how to help you determine the future of your assets and the care of your family in the event of your death.
While a generalist attorney may know how to cover the basics of your estate planning (such as creating a Will or a revocable trust), he or she will most likely not be well-versed in the complicated estate taxes and loopholes that are a large part of estate and tax law. Estate taxes can reduce your assets by as much as 45% or more, and what your lawyer doesn't know could hurt both you and your family. On the contrary, a qualified estate planning attorney will know ways in which you can avoid hefty taxes, as well as loopholes you can navigate to keep more money in your estate.
Hiring a specialist in estate planning law versus a generalist has other benefits:
• An estate planning attorney has had experience in handling both large and small estates.
• An estate planning attorney can help you find the best exemptions available to you under Federal and state law.
• An estate planning attorney will know how to handle the estate planning process through multiple stages – from drawing up documents such as Wills and trusts to what actions to take after a death and litigation regarding estate planning documents.
• You can rest assured that the most recent estate laws and tax codes will be taken into consideration when your lawyer suggests your best options for the allocation and designation of your assets.
• In an increasingly unstable economy, an estate planning lawyer will know the most recent limits and statutes relating to your investment accounts, savings, and IRAs.
If you would like more information concerning your estate planning options, www.EstatePlanningSpecialists.com is a comprehensive online resource for personal wealth management solutions through wills and revocable trusts. Whether your estate planning goals are immediate or long-term, a qualified California estate planning attorney will be able to counsel you on the best options available to you to meet your individual needs.