ESTATE PLANNING – WHERE DO I START?
Being prepared for the unexpected is not something most people like to think about. Having a plan for your estate will help ensure that your loved ones are taken care of in the event that you can no longer support them. Estate planning also allows you to protect your hard-earned investments and assets.
Benefits of Estate Planning:
- Provides financial stability for your family and future generations
- Guarantees that your wishes honored
- Allows you to support charities of your choosing
- Ensures your assets are distributed in a timely manner
- Minimizes the burden of taxes for your family
- Protects your family’s privacy
- Meets the expectations of your survivors
WHAT IS AN ESTATE ATTORNEY?
Before you start creating a plan for your estate, it is advised that you consult an estate attorney to discuss an appropriate strategy for you. There are several legal matters that you should be aware of while searching for an attorney for estate planning. Estate attorneys should be skilled in the following areas:
- Asset Protection
To protect Montana assets, you should always seek the advice of an estate attorney in Montana who can give you individual advice for your particular assets and confirm the status of the specific Montana laws as they apply to your situation.
- Distribution of Assets
There are a number of factors that determine how a deceased person’s assets are distributed. For example, the existence of a will or trust, or a lack thereof will have an impact on how the decedent’s assets are distributed and to whom.
- Estate Tax Planning
Whenever you engage in estate planning, you should be fully aware of your potential tax liability. This way, your family, loved ones or charitable organizations can receive as much of your assets as possible.
A guardianship is a legal relationship where someone is appointed to manage the personal and/or financial needs of a minor or an incapacitated adult. Guardianship is a large responsibility in which the guardian’s actions are monitored under close supervision of the court.
- Elder Law
Elder law is a growing area of law that encompasses the needs of the elderly. Such areas include Medicaid planning, long-term care, bequeathing assets to grandchildren, and general estate planning.
- Medicaid Planning
The goal of Medicaid planning is to preserve a client’s wealth while ensuring that they have the best possibility of acceptance into the Medicaid program.
START PLANNING YOUR ESTATE TODAY
It’s never too early to begin creating a plan to for your estate. The best place to start is to consult an estate law attorney with local experience and knowledge. Tanko Law Office can help you develop a customized strategy for you and your family. Contact us today to schedule a free consultation. Fill out our contact form and tell us how we can help you.
Tanko Law Office
Tanko opened the doors of their law office in Montana in 1995. We have been helping Montanans and their families with trusts, wills, estate planning, trust administration, probate, elder law, guardianship, asset protection, corporations, limited liability companies, and business planning services, among other areas.