A Lawyer is a Must for Estate Planning

Almost all lawyers know about estates, wills and such, but not all of them do wills and trusts, or practice in that area of the law.


It’s a safe assumtion that most lawyers stay away from probate, that is, they stay out of Probate Court The reality is that some  of those same lawyers fail to tell clients about their estate planning needs, or at least refer them to another attorney to handle such matters.

Always ask the lawyer whether he or she does this kind of work , i.e., practicing before the probate court, or at the least, estate planning. His or her experience could have a major impact in the outcome of your final wishes as to whether your final wishes are carried out.

For example, in many states, such as Indiana, there is a “death tax” (Inheritance tax) that must be paid on any transfer of property after death. Indiana allows an exemption of $100,000.00 to direct heirs, such as a son or daughter, according to a Lake County Indiana Lawyer. States differ on those exemptions. You should plan accordingly.

Sometimes, one way around the issue is to give away your property prior to death. In some states, that might mean doing a trust. In several states, such as in the state of Indiana, that will not help you to avoid the Inheritance tax. Sometimes, you simply have to give it away and not retain any interest in the property. It might be that you can retain a life estate in your real estate, and that is acceptable, but you must see an attorney in your state to know whether that will get your heirs and/or your estate out of having to pay a transfer tax

There are many, many variables in estate planning. Consult with an attorney to know for sure what you need. Experienced counsel can draft a trust and will that will meet your needs.

Once you’re gone, it’s too late.

The law can sometimes become a tangled plate of  Legal Spaghetti.