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Inheritance tax is a state-level tax that beneficiaries pay when they receive assets from an estate after somebody has passed away.

While simple estate plans may just use a will, more complex plans may benefit from also employing a trust.

Sound estate planning can make the probate process run efficiently and smoothly, protecting your estate’s value and legacy and preserving your family’s well-being. An attorney can help mitigate the risks.

Avoid making these common mistakes that can rapidly affect your inheritance and future plans.

Life insurance can be an integral and important part of a well-drafted estate plan. There are numerous benefits to owning a life insurance policy aside from providing a large sum of money to beneficiaries.

Trusts can offer many benefits, including allowing assets to pass directly to beneficiaries and charitable organizations without going through probate, minimizing taxes, and protecting your legacy from creditors.

What would happen if you became seriously ill or injured and were no longer able to make your health care decisions? A living will can outline your wishes so your loved ones can make informed decisions about your care in an emergency.

Even if your children get along well, the distribution of your assets can require conflict resolution skills. Without previously experiencing any significant conflicts, even close siblings can struggle to maintain happy family relationships when settling your estate.

Most older adults acknowledge that estate planning is essential. Yet, nearly half of Americans age 55 or older do not have a will. Even fewer have designated powers of attorney, a living will, or health care directives. 

Visiting an attorney to get your estate plan done is one New Year’s resolution that you should definitely keep. None of us knows whether or when we may find ourselves seriously injured or sick.