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Why you need an estate planning attorney?

Many people believe that an estate plan is needed when you die but it can also protect you and your assets if you become incapacitated or cannot make decisions. Estate planning can make financial and medical decisions when you get sick. You can discuss your intentions with the attorney who can make sure that your needs are met if you are not able to express yourself. If you want to protect your family in case anything happens to you, you should hire an estate planning attorney. If you are planning your estate, you should discuss it with the attorney who can help you along. Estate planning attorney St. Petersburg can help you through the process and he can help you in deciding how to divide your assets and can give you information on the documents needed to fulfill your wishes. He can also help in creating the documents for protecting you if you become sick. A few reasons are given here for which you should hire an estate planning attorney:

To plan for your needs

Many people believe that an estate plan is needed when you die but it can also protect you and your assets if you become incapacitated or cannot make decisions. Estate planning can make financial and medical decisions when you get sick. You can discuss your intentions with the attorney who can make sure that your needs are met if you are not able to express yourself.

To divide your wealth as per your wishes

If you do not have a documented estate plan such as a will, the state will decide how your assets will be distributed after your death. Proper documentation can help your family members to get the assets distributed as per your wishes. A lawyer can help you to prepare your will or living trust that can save your family as you will clearly define how your assets should be distributed after your death.

To reduce transfer taxes

If you have a substantial amount of wealth and you want to get it transferred to the other family members and loved ones after your death, an estate planning attorney can help you in doing so in the most tax-efficient manner. A professional Estate planning attorney St. Petersburg can help in making a wealth transfer strategy that helps to reduce the taxes owed by you or your estate.

To plan for Philanthropic goals

Many people want to be remembered after death. This can be done by establishing philanthropic intentions and making a plan to make sure that such goals are implemented in the future. You can decide to create a family foundation or can set up a charitable trust, or can participate in a donor-advised fund to support the cause. If you start planning early, you can make sure that your family members understand your intentions and can incorporate them into the process.

To protect family wealth

You can preserve your family's wealth with estate planning. It is not possible to do without the help of an estate planning attorney. He can advise you on how you can protect your family's wealth. Insurance is an important part in addition to the basic areas where insurance is needed. Certain types of insurance can provide funds to enhance your estate for protecting you against a variety of legal challenges. 

To prepare your loved ones for the wealth they will receive

Estate planning can help in preparing your loved ones for the wealth they will receiver after your death. You can talk to your children on your own or take help from an attorney. Open and honest discussions about your wealth with your loved ones can help remove some of the emotion and conflict that younger generations sometimes associate with money.