An estate planning attorney is a lawyer who specializes in helping people with large amounts of assets plan the process of transferring those assets to their heirs so that high taxes and expenses don't seriously erode the estate. Check out Austin estate planning attorney.
While the Federal Estate Tax rates do not come into play until an estate exceeds the $10 million threshold. However there are state taxes on estates that start being applied at much lower levels, as well as there being costs and expenses that are associated with the transaction.
An experienced attorney who works in the estate field will be able to mitigate these costs and taxes with the proper implementation and application of properly drawn legal instruments such as wills and trusts.
These concepts are devices that have been used for years to accomplish a more streamlined process, that reduces costs, and gets the property to the heirs that the estate holder wishes it to accrue to. In many cases, and the larger the estate, updates in the planning process is not uncommon.
Estate values change, assets are added and sold in estates, and the situation can be very fluid, depending on whether the assets are active or passive.
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