Help is near in the form of a knowledgeable tax lawyer who may or may not be a former IRS tax attorney. Indeed, this highly trained expert can make this sometimes arduous task at least a little less intimidating and certainly less disquieting than anticipated.
It’s important to know that what some many consider odious queries need to be addressed for this very task. For instance, who is the right person to raise your children should you and your spouse or partner pass away? Who should become the guardian of these precious family members?
However tough this question is to answer, the outcome, should you not address the question at all, could turn out to be way worse. In those cases, the court will step in and appoint someone they see fit to fill the role for children who do not have an appointed guardian if such a horrific scenario were to take place.
Estate Planning Importance
Another scenario that can be helped along by a tax lawyer when it comes time to get to estate planning is even more devastating. That would be if a disaster strikes and your entire family is suddenly no longer left alive because of that catastrophe.
While many can depend on their parents or siblings to take on the job at hand, others cannot – either because there aren’t any living relatives from which to choose or the clan’s family members are estranged for one reason or another. If that is the case, your tax attorney can advise you to leave your money to a friend or a charitable cause of your choice.
But what if you don’t have either one of these? The tax lawyer is there to help you make decisions before it is too late.
Sometimes there are more people who can be part of this picture, but who have not been discussed before the estate planning took place. Be sure to tell your tax lawyer about everyone in your life who may be a viable resource.
This includes any person who is part of your life nobody else knows about because of the role that person plays. Possibly, someone that you could be in a domestic relationship that is not seen as a legal union.
The reason to disclose such otherwise intimate details of your life with your tax attorney is because your lawyer needs to be able to clarify the legal rights of these particular people when planning your estate. It will help them develop every positive solution for you.
Another area of concern in this matter is with regard to gift giving. Federal and some state tax forms insist that you report any presents that cost more than $13,000. If you haven’t done this in the past, don’t worry. Your tax attorney can take the information into account and help you to catch up with this obligation.
End-of-life decisions are also an imperative part of estate planning. Would you want to be resuscitated if that concern comes to pass? Signing a health care directive with the assistance of your tax lawyer is the best way to ensure your wishes are granted.
Your Loyal Companions
And finally, a matter of utmost importance to all animal lovers who will potentially leave their pets behind: who will take care of your dogs, your cats, your turtles, your fish, your other-than-human companions when you pass? Again, your tax lawyer will help you sort this out.
These are just some of the reasons to establish proper estate planning that will work for you should things happen that you cannot predict. Sure, this is not generally a fun task to accomplish, but doing so will make you feel better than if you just turn a blind eye to what could become disastrous should not do so. Think about it.