4 Ways Your Estate Plan Can Save You or Your Family Money
If you or your family are going to be left with a significant amount of money, you should consider having an estate plan. An estate planning lawyer in Roseville CA can help you determine what type of plan is best for you and your family.
Here are four ways having an estate plan can save you money:
1. Avoiding Probate
One common reason that people seek out an estate planning lawyer in Roseville CA is because they want to avoid probate court altogether. Probate court is used when someone dies without leaving behind a will or other legal document that names who should inherit the deceased’s property and personal belongings. The probate process can be expensive and time-consuming — sometimes taking years — and there are fees associated with filing documents related to the process and managing funds while they’re in probate administration (which means they’re tied up until the process is complete).
2. Avoiding Guardianship Disputes Among Family Members
Estate planning lawyers in Roseville CA from Yee Law Group, P.C. often help clients create trusts that protect family members from potential lawsuits.
If you die without a will or trust, there may be disputes among family members as to who should be appointed your guardian (if you leave minor children behind). These disputes can cost thousands of dollars in legal fees and make it difficult for loved ones to grieve the loss of their loved one in peace.
3. Avoiding Medicaid Eligibility Requirements
Most people don’t realize that if they pass away without an estate plan, their surviving spouse may be forced to sell their home in order to qualify for Medicaid coverage. Having an estate plan can help avoid this situation by ensuring assets are transferred prior to death so there is no reason for Medicaid eligibility requirements to apply in the first place.
4. Save Money on Taxes
If you don’t have a will, the state could step in and make decisions for you that might not match what you want. Without a will, the state will decide who gets what and how much they get — sometimes not fairly.
The estate administration process is complicated and expensive. You need an estate planning lawyer in Roseville CA who understands all the rules and regulations involved with probate administration, asset distribution and taxes so that your affairs can be handled in the most efficient way possible.
Having an estate planning lawyer in Roseville CA draw up a business succession plan can help ensure that your business is passed down to the right people while protecting yourself from liability issues related to those who may inherit your business interest after your death or incapacity.
At Yee Law Group, P.C., we take the time to learn about your unique situation and goals so we can design an estate plan that’s tailored to meet your needs. Our clients range from individuals with simple estates to high-net-worth families with complex financial needs.
The most important reason to hire Yee Law Group, P.C. as your estate planning lawyer is that we care about you and your family. We want to make sure that your estate plan takes care of everyone you love, and we want to make sure that the plan works in the event of any changes in circumstances or unforeseen circumstances.