Saturday, April 20, 2024

When It Comes to Estate Planning, Why Work with an Estate Planning Attorney?

Donna Wilson

An effective estate plan brings the peace of mind that comes with planning for your family’s future. With proper planning you can avoid probate, pass on as much wealth as possible to your loved ones, protect assets, provide a meaningful legacy for your loved ones and much more. Many estate planning tools are available to address specific situations and produce favorable outcomes. A successful estate plan hinges on your attorney’s knowledge and experience. While a general-practice attorney can write a simple will for you, an experienced estate planning attorney can create a comprehensive estate plan to meet all your unique needs.

Tools of the Trade

A revocable or living trust may be the foundation of an effective estate plan. It is the piece that keeps your estate out of the public probate process, leverages tax-planning strategies to minimize tax exposure, and affords some asset protection. Many additional tools are available to ensure the best outcome for you and your family. For example, a Special Needs Trust will provide ongoing care for a person with special needs in order to ensure their continued eligibility of their government benefits. A legacy or inherited trust will protect your children from divorce, creditors, and sometimes from themselves! A Medicaid Trust may be the right strategy to provide for your long-term health care. If you are a business owner, you will probably need a business succession plan. A strategic charitable giving plan may make sense as a financial strategy while working with your financial advisor. These tools and more are what an estate planning attorney works with on a daily basis.

Working Together

All the elements of your estate plan must work together into a cohesive strategy. There is a certain complexity to a comprehensive estate plan. Each piece has special requirements that can impact the others. An estate planning attorney is familiar with the specific requirements and how they work together. In addition, an estate planning attorney has the professional network essential to an estate plan. Most estate planning attorneys are accustomed to working with life insurance agents and financial planners to ensure the best possible outcome for their clients. Furthermore, an estate planning attorney will be able to easily network with out-of-state estate planning attorneys if your estate has some multi-state issues. When it comes to estate planning, it is all about connections.

Up-to-Date Knowledge

Finally, the laws that affect estate planning strategies, including tax law, are ever-changing. While all attorneys are required to undergo ongoing professional development, an estate planning attorney is most likely to focus that required training—as well as pursue optional professional development opportunities—in the Estate Planning/Elder Law areas of law.

Work with an Experienced Virginia Estate Planning/Elder Law Attorney

Our practice is devoted to creating effective, comprehensive estate plans. Contact Wilson Law PLC today at 757-645-3176 to set up a consultation or fill out our contact form and we will call you to schedule your meeting.

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