CMUThought Community Thought

In this day and age of complicated tax laws you need to be aware of the disadvantages of not having a will or estate plan in place. There are a number of estate planning obstacles that can also occur with insufficient estate planning for someone who already has a will may be considering changing their will. If there is significant change in the family such as a birth or death in the family you will want to have your attorney revisit the estate planning to assure proper coverage and distribution for your beneficiaries. When you set up a will, it normally only disposes of the personal property and the real property that is located in the decedent’s state of residence. If your own real estate that is located in different state than where the decedent had his permanent residence, you cannot dispose of the estate by the will without the property being subject to probate proceeding. This scenario recently occurred to one of my grandparents where they left no directions on the estate and the property was turned over to probate until all tax and legal matters were settled. This resulted in the delay and eventually loss of value on the property as the taxes built up and needed to be paid by the beneficiaries. At Luftman Heck they specialize in estate tax planning and can help assist you in the legal matters for your estate. You can visit their website and get contact information to setup a consultation in regards to  your estate and tax needs. They also provide services around health care and financial planning.

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