When we talk about estate planning, we generally believe that it is something only rich people are supposed to or are able to do. That is a completely wrong idea. While it is certainly true that there is an exemption of $5.25 million currently for the estate tax, there are still a lot of things that people in the middle-class income bracket need to take care of. For example, anyone who has a number of assets should think about drafting a will with the help of a Mechanicsburg elder law attorney. Let’s take a look at why estate planning may be beneficial to you.
Property distribution:
Making a will is not as simple as just drafting one. How the property will be distributed is also a concern, and that is where an estate planning attorney can step in to help. Apart from your real estate, they can also help with managing gold jewelry and investments. In addition to that, the lawyer will also help you decide who should have power of attorney, among other things.
Elder care planning:
According to some recent studies, it has been found that one has to spend a significant amount of money after they retire on healthcare. Needing long-term care can add more to that expense and may prove to be burdensome for the family. When you hire an estate planner, they will help you manage your finances in such a way that you won’t have to depend on anyone after your retirement. No matter whether you are rich or have a middle-class income, anyone can benefit from this.
Establish a trust:
There are different kinds of trusts to choose from, like revocable and living trusts. An estate planner can help you understand the differences and set up trusts so that your property can be passed down to your family after your passing. Now, the thing is that if you hire an attorney, you may have to end up paying a lot compared to an estate planner in Mechanicsburg.
Final thoughts:
If you are at a certain stage in your life when you should start planning your estate, it is a good idea to get the help of an estate planner rather than any other attorney in Mechanicsburg. If you have any other questions about what needs to be done, they will assist you with that.
