Estate Planning Lawyer
An estate planning lawyer such as Theus Law Offices is going to be trained in all matters related to the passing on of someone’s assets after they have died. They are trained in planning for situations where you can no longer care for yourself, and they are trained in creating wills, trusts, and in your local probate processes. Often times estate planning lawyers are going to have specialties such as planning the succession of a business.
Many people could benefit from working with an estate planning lawyer, but it isn’t always necessary and you may not want to pay for it in a lot of situations. On the other hand, people who are in certain situations may need the help of an expert to ensure their estate plans are comprehensive and state their intentions. After all, your estate is your legacy.
So you’re here to learn about situations where you should hire an estate planning lawyer, and while everyone’s financial situation is different, and it is difficult to give you a full list of when you should or should not hire an estate planning lawyer, the statements listed below are the most common situations where you would hire an estate planning lawyer.
If you are a small business owner a business partner and you might need a business plan of succession, and estate planning lawyer in Shreveport LA can help you with this as you should be able to find a lawyer who focuses on business succession plans a business succession plan is a strategy for passing on the leadership role of a small or large business. Often times this means you are passing the leadership role to an employee or a group of employees that work in the business. This is also known as replacement planning. It is a plan that focuses on running the business smoothly after important people in the business move on to new opportunities, retire or pass away.
If you have out-of-state property or assets, then passing those assets on can be tricky. This is especially true if they are crossing state boundaries, since two states can have different tax codes and legal requirements for transferring an asset. Your estate planning lawyer is going to be able to advise you on how best to pass on assets over state lines.
In a similar vein to passing on out-of-state property or assets, it can be a lot harder to pass on from property or assets. This is because the United States has our own standard laws regarding foreign property or assets and foreign countries have laws regarding foreign property and assets. A Shreveport LA estate planning lawyer is going to be able to offer the best advice possible for you.
If you are planning to leave assets to somebody who is not a legal citizen of the United States of America, then you could run into issues. This is because sometimes there are certain tasks that you need to do such as getting a tax ID to open an estate account, nonresidents may not be able to do that.