Estate Planning Is for Everyone
If you own a piece of property or possess a few assets, you need an estate plan. Estate planning is much more than just knowing whether you need to pay estate tax or not. The decision about your health, what is to be done with your assets when you are gone , and the distribution of personal property are all part of estate planning.
You are Not too Young for Estate Planning
Start estate planning as soon as possible because there is no perfect age to start planning. There have been instances where young people pass away without a will, leaving behind the grieving family to administer an estate without knowing the wishes of their loved one.
Inheritance Tax is Real
Different states have different estate laws and Federal exemptions on inheritance taxes. After 2025, properties over $5 million will be subjected to 40% tax. So, once you add your life insurance, your house, your retirement accounts, $5 million might not seem too much suddenly.
We Want to Help You!
You might have your employer guide you through the employee benefit plan or use an online platform that can help you with your will at a low cost.
Discuss Your Estate Plan With Your Family
Communication is key. Discuss your plans with your family and loved ones. Discussion ensures that every person you care for is well aware of what you have decided and how you plan on dividing your assets.
Intestacy Will Decide if You Don’t
The state’s intestacy code will decide how your assets will be divided. If your children are minors, determination of a guardian for them is an important decision you will make in your will.
Probate is Not Bad
Probate allows the wishes in your will to get verified according to the law of your state. If you have ownership over property in two or more states, then your assets will go through probate in their respective state courts before the property can be transferred to the heir. Having a will quickens the process of probate. Some states let you avoid probate for small estates and even speed up the process. However, others do not. Find out what your state’s law says.
If estate tax is concerning you, you can gift a portion of your estate assets to your loved ones before you pass away to avoid tax on it. The federal gift tax exclusion (2021) allows you to give $15,000 to as many people as you wish in a single year.
State laws are constantly changing, and your estate plan could require updating – especially if you have experienced events like marriage, divorce, adoption or birth of a child. Our team in Omaha can help you prepare the estate plan you need. Contact us at (402) 341-1200 or write to us for a free consultation.