Estate planning lawyers at Nirenstein, Horowitz & Associates help clients with estates of all sizes. Estate planning is not only important for people with lots of wealth, so we help people with a wide array of different net worths to make estate plans that make sense for their situation.
While you need an estate plan no matter what amount of assets you own, it can be especially important to take control of your legacy if you have a lot of wealth. If your estate is going to be a large one, you face special issues that people with smaller estates don’t.
You need to take steps to protect your assets and you need to get the right legal advice from compassionate and knowledgeable legal professionals to ensure the timely, efficient and affordable transfer of assets. Nirenstein, Horowitz & Associates can help, so give us a call today to talk with our estate planning lawyers to find out more.
Understanding the Legal Issues Created by a Large Estate
There are myriad legal issues that a large estate can create which you need to plan for if you have substantial wealth.
One of the first issues that must be addressed when making an estate plan for a larger estate is the issue of estate tax. If your estate exceeds $5.49 million as of 2017, the estate could owe taxes unless you are transferring wealth to your spouse.
These taxes could substantially reduce the amount of money that is available to heirs or beneficiaries, especially when combined with estate taxes on the state level that may be due when you are transferring large sums of money. State estate tax rules differ depending upon where property is owned, with some states having no estate tax at all, so the additional taxes due to state governments will vary depending upon where you reside and where you owned property at the time of your death.
If you have a larger estate, there could also be another problem: multiple probates may be required if you have left assets to loved ones using a last will and testament or if intestacy law will apply to determine who inherits. Many wealthy people with large estates own property in different locations and probate may need to take place in each of these different places. Multiple probates means more costs and time involved in transferring wealth.
A large estate could also be more likely to cause family fighting over who inherits and, in some cases, disgruntled family members who are dissatisfied with the money they have been left could end up deciding to contest a will. This could increase the costs of the probate process even further, again reducing the value of the estate. If the will contest ends up being a successful one, you could actually lose the right to control what happens to your assets if the court decides not to probate your will.
These are just a few of the many legal issues that could arise in circumstances where you have a substantial amount of money and property that you must transfer to new owners. You should work closely with an experienced attorney to identify the risks to your wealth that are specific to your situation and to find ways to mitigate the potential for loss so you can use your hard-earned money to leave a solid legacy.
Getting Help from Estate Planning Lawyers
Estate planning lawyers at Nirenstein, Horowitz & Associates can help you to take steps to reduce or avoid estate tax. We will also work with you to reduce other risks to your assets if you have a large estate. We know how hard you have worked to build your wealth, and we will provide the compassionate and knowledgeable advice you need to keep your assets safe as they transfer to new owners.
To find out more about how our legal team can help you to facilitate the transfer of a large estate to heirs or beneficiaries while minimizing or mitigating the risk of loss, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online to get personalized help with your plans. Call any time so you can get the peace of mind of knowing you have appropriate wealth transfer plans in place.