While you may want to live your life with a positive outlook, it is necessary to take steps to ensure the contingencies in life do not catch you and the people you love off guard. If you want to give your loved ones life with less stress and worries in the future, especially when you are no longer around for them, meet with an experienced estate planning attorney San Antonio to create an estate plan. By having an estate plan, you can eliminate family conflicts over your estate. It contains a clear definition of the process that your designated executor should follow when managing and disposing of your estate during your life and following your passing. You can deliver the plan through a will, trust, or advanced directive. When you create an estate plan, the factors below must be kept in mind:
Your Financial Situation
You need to accurately evaluate your financial situation to come up with a well-rounded estate plan. Gather documents associated with your investments and all assets you own. As you calculate your assets’ total value and the expected cash flow with your lawyer in San Antonio, go through such documents. By analyzing your financial situation, your lawyer can customize your estate plan in a way that ticks the right boxes.
The Needs of Your Beneficiaries
When you make an estate plan, designate beneficiaries for your investment accounts. You will decide how to distribute your estate among those you love and care for. Make sure to take into account your beneficiaries’ spending habits and needs. Allocate funds to cover major expenses such as tuition fees to secure their future. As you decide your assets, think about the age and financial status of your beneficiaries as well as estate tax and gift.
Taxes such as estate tax and property tax will affect your estate’s current and future value. You must partner with a skilled lawyer to understand how such taxes will affect your estate. Keep in mind that the sale of some assets comes with tax consequences. To avoid taxation complexities, establish a well-structured tax plan with your lawyer in San Antonio. The best attorney will walk you through the legality of this matter and ensure compliance. They will perform different complex calculations for you. And as they make decisions, they consider current and future market conditions. No matter how complex your requirements are, an experienced estate planning attorney go you covered.