Given that the estate tax threshold is $5.45 million in assets, or double that if you are married, many people don’t have to worry about the federal estate tax. However, it’s still a good idea to set up a meeting with an experienced estate planning attorney to discuss your overall needs.
Far too many people make the mistake of assuming that since their estate will not hit this threshold and therefore be responsible for paying estate planning taxes, that they do not need estate planning at all. The reality is that individuals of all different income levels and backgrounds can benefit from estate planning, even without being concerned about long-term tax implications.
Consulting with an experienced attorney who can help advise you about documents you may need for directives during your life as well as how to pass on your assets to your beneficiaries in the most meaningful manner can be extremely beneficial.
Waiting too long to engage in the estate planning process can make problems for your heirs or family members if you were to suddenly become incapacitated or to pass away. The right lawyer can evaluate your individual needs and propose a set of strategies and a timeline for addressing your estate planning concerns. Reach out to an experienced estate planning attorney today to learn more.