Estate planning is not an easy task for someone who is not familiar with estate tax and state estate regulations. Estate taxes may vary depending on factors of inflation and dollar limitations. The present interest gift exclusion is $11,000 with allowed credit amount up to a maximum of $1 million for estate tax purpose. The tax exemption for generation skipping is $1,120,000.
You can read some library materials for quick reference before you seek the help of a professional estate practitioner. Relevant sources are Internal Revenue Code and regulations, federal estate tax materials, IRS rulings, and state and local regulations. Planning your estate is important regardless of your net worth. Your estate plan consists of your last will and testament, a lawyer to help execute the will and a medical power of attorney.
The Estate Planning offers a pre-mortem estate services under the Basic Estate Planning Package. A comprehensive list or inventory of your assets is required to ascertain your desired beneficiary or person to inherit each asset in the inventory. Creating an asset inventory may take time. It is advisable that you prepare the list ahead before calling the Estate Planning for the execution of your Basic Estate Planning Package.
Virtual Assistant and Estate Planning
You can hire a personal assistant or a virtual assistant to do the task for you. Let your virtual assistant take care of the paper works and coordinate with your estate lawyer. You do not need to be caught up with the minute details of the paper works. Give your instruction to your virtual assistant and then let your VA coordinate with your lawyers including other individuals involve in your estate planning.
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