Right about now you're thinking, "who, me? How could I save money from my estate, I'm still alive." The actuality is that you are in the best position right now, to save your estate money. But it's not only saving it for your estate, it's also saving it for your family, your kids, and just generally from your legacy.
Just to give you an idea, here are some of the costs to your estate when you pass on, unless of course you plan around them. First, there are court/ probate fees to file and complete a probate action in court. Next, attorney's fees which may be as low as a couple thousand for a simple probate, but can really add up if anyone opposes the way things are being divided. Another consideration is personal representatives fees, which are taken out before any distributions are made and can also add up if things are not readily available and need to be scrounged up to be included in the estate. Finally, there are estate taxes to be paid, if your estate is above the federal exemption amount. Estate taxes are currently at 35% for all estates larger than the federal exemption. All in all, if you're not careful you might be losing 15 to 50% of your estate before any part of it is distributed. Not to mention that creditors of the estate get paid before the beneficiaries in probate. So, your heirs might end up with very little.
On the other hand, just a few minutes with a knowledgeable attorney can give you insights to avoid most of those costs and preserve up to thousands or millions of dollars for your family and your legacy. If you would like to find out just how much you could save your estate, call the attorneys at Inter Vivos for a consultation. Take it from the gecko- it's worthwhile!
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