Estate Law Attorneys
An estate is the total property, real and personal,
owned by an individual prior to distribution through a trust or will.
Real property is real estate and personal property includes everything
else, for example cars, household items, and bank accounts. Estate planning
distributes the real and personal property to an individuals heirs.
Estate planning is the process by which an individual or family arranges
the transfer of assets in anticipation of death. An estate plan aims to
preserve the maximum amount of wealth possible for the intended beneficiaries
and flexibility for the individual prior to death. A major concern for
drafters of estate plans is Federal and state tax law.
Wills and trusts are common ways in which individuals dispose of their
wealth. Trusts, unlike wills, have the benefit of avoiding probate, a
lengthy and costly legal process that oversees the transfer of assets.
Sometimes, though, it will be useful to make inter vivos gifts (gifts
made while the donor is alive) in order to minimize taxes. The Federal
Gift Tax exempts certain levels of lifetime gifts.
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