Imagine the emotional pain of losing a family member. Then imagine discovering that this person failed to do any estate planning, leaving the family with the heavy responsibility of sorting out his or her property and debts, and of arranging for the future care of his or her children.

As unpleasant as it is to think about, no one gets out of this world alive. There are certain problems that can create a burden on those who are left behind. An experienced estate planning attorney can help you frame the issues you need to address and can create a thorough estate plan to help you achieve your objectives. Contact a lawyer today at the Law Offices of Robin S. Gnatowsky in Glen Allen, Virginia.

Your Estate

Your estate includes all the property that you own at the time of your death, including retirement benefits, personal residences and life insurance. Estates that exceed certain amounts may be subject to both state and federal death taxes. Through proper estate tax planning during your lifetime, you may be able to eliminate some or all of this tax cost to your beneficiaries.

Wills and Trusts

If you died tomorrow, who would receive your home, your personal property, or your business? Would you like the state to determine who gets your possessions? This happens to people who do not state their intentions in a will or trust.

A will or trust can incorporate provisions to help save taxes and to achieve your intentions for how and when your assets should be distributed or used. Proper trust planning may even reduce or even eliminate federal estate taxes. Find out more about estate planning opportunities, by contacting an attorney.

Care of Children

If you died tomorrow, who would be best suited to raise your children? Consider the candidates' ages, health and the stability of their current situation. Parents can nominate guardians for their minor children in a will. Without a will, you risk a court appointing someone who would not be your first choice. It might even cause a battle among your surviving relatives over the custody of your children.

You should also consider establishing a trust for your children or grandchildren so that assets will not be distributed to them at too young an age. The trustee can care for the assets until some specified time when your children are more mature. Establishing a trust also allows you to give the trustee direction over how the money is to be used for your children's care.

Conclusion

Take affirmative action today toward relieving family members of the burden of sorting through your estate tomorrow. Procrastination may cost you the opportunity to save taxes and to determine when and who will receive your property upon your death.

Contact our law office in Glen Allen, Virginia, to schedule an estate planning consultation. To prepare for your consultation, please complete and bring in this estate planning questionnaire .

The firm represents individuals, families and family trusts, charitable organizations, and businesses, mostly in the states of Virginia, Maryland, and Florida, and in Washington, D.C.