How An Estate Planning Lawyer Can Help

It is always important to enlist the assistance of a lawyer when planning for a large legal matter. It is also crucial to have someone on your side who speaks your native language so that everything you go over is clear and without misunderstanding. Estate planning is no different. Contact an experienced Denver, CO Russian speaking estate planning lawyer from Legacy Law Group right away so that you can get your affairs in order. Continue reading to find out what some of the most common services lawyers offer that are related to estate planning and determine what might be a wise service for you to plan for. 

Drafting A Will

One of the most obvious things people think of when considering estate planning is the creation of a will. It is important to have a will no matter what your age is. Whether you have children or not and whether or not you have a great amount of assets, you should create a will, with an experienced lawyer, to ensure your loved ones are taken care of after you are gone. A will, in a way, is the greatest love letter you will write and is the last thing that your friends and family will go over in relation to you. 

Appointing A Power Of Attorney

Estate planning does not only have to do with what happens after you die. A Denver Russian speaking estate planning lawyer can help you come up with legal documentation for what should happen if you ever become incapacitated, or can no longer care for yourself. You can choose a medical power of attorney, and even document what you want to see happen if you are ever in a situation where you can no longer care for yourself. This is crucial to document so that your wishes can be followed, even when you can not speak up anymore. 

Determining A Guardian

Many people understand that having your estate plan complete is especially important when children. You will obviously want to move your belongings to children, but you should also have a plan in place for who will take care of them if you can no longer for any reason. An experienced estate planning lawyer will be able to help you figure out who would be the best fit for the job, then put all of this in writing, so that it is clear what your wishes are if you pass away. 

How Can An Attorney Help Me?

A Denver, CO Russian speaking estate planning lawyer specializes in helping individuals and families prepare for the distribution of their assets and the management of their affairs after they pass away or become incapacitated. Estate planning is a complex and highly personalized process, and these lawyers are essential in guiding clients through various legal matters. Here are four key issues the team from Legacy Law Group Colorado can assist with:

Drafting Comprehensive Estate Plans

One of the primary roles of an estate planning lawyer is to help clients create comprehensive estate plans tailored to their specific needs and goals. This involves the preparation of legal documents that outline how a person’s assets will be distributed, who will make financial and medical decisions in the event of incapacity, and how taxes and other expenses will be managed.

Key Components Of An Estate Plan Include:

Wills: Estate planning lawyers draft wills to specify how a person’s assets should be distributed upon their death. A will allows individuals to name beneficiaries, appoint an executor to manage the estate, and make provisions for minor children or dependents.

Trusts: Trusts are versatile legal tools that can be used to manage and distribute assets while minimizing probate and estate taxes. Estate planning lawyers can help clients set up revocable living trusts, irrevocable trusts, and special needs trusts, among others, to address various financial and family dynamics.

Powers of Attorney: These legal documents designate individuals (known as agents or lawyers-in-fact) to make financial and healthcare decisions on behalf of the client if they become incapacitated. Estate planning lawyers ensure that powers of attorney are properly drafted and compliant with state laws.

Advance Healthcare Directives: Advance directives, including living wills and healthcare proxies, allow individuals to express their medical treatment preferences and appoint someone to make healthcare decisions for them if they are unable to do so.

Minimizing Estate Taxes

Estate planning lawyers help clients develop strategies to minimize estate taxes, which can significantly impact the wealth passed on to heirs. They are well-versed in the ever-changing tax laws and can employ various techniques to reduce estate tax liabilities, such as:

Gifting: Estate planning lawyers can advise clients on the tax advantages of gifting assets during their lifetime, potentially reducing the overall value of their taxable estate.

Irrevocable Trusts: Irrevocable trusts, when structured properly, can remove assets from the taxable estate, reducing the estate tax burden.

Charitable Giving: Estate planning lawyers can help clients create charitable trusts or foundations to support their favorite causes while providing tax benefits.

Portability: With proper planning, a surviving spouse can use any unused portion of their deceased spouse’s estate tax exemption, known as portability, to reduce estate taxes.

Incapacity Planning

Preparing for the possibility of incapacity is a critical aspect of estate planning. A Denver Russian speaking estate planning lawyer assists clients in selecting appropriate legal instruments and making decisions regarding their financial and medical well-being if they are unable to do so. This includes:

Durable Powers of Attorney: These documents appoint agents to handle financial matters on behalf of the incapacitated individual.

Healthcare Proxy: Designating a healthcare proxy allows someone to make medical decisions when the client cannot communicate their preferences.

Living Will: A living will outlines an individual’s preferences regarding life-sustaining medical treatments and interventions.

Guardianship or Conservatorship: In cases where there are no advance directives or powers of attorney, estate planning lawyers can guide families through the legal process of seeking guardianship or conservatorship for an incapacitated individual.

Special Needs

Planning for families with individuals with disabilities or special needs, estate planning lawyers can assist in creating specialized plans to ensure the financial security and quality of life for these loved ones. This often involves setting up special needs trusts (SNTs), which can protect eligibility for government benefits while providing additional support. Estate planning lawyers help clients understand the intricate rules governing SNTs and ensure they are established correctly.

Estate planning lawyers play a crucial role in helping individuals and families navigate the complexities of estate planning. Whether it’s drafting comprehensive estate plans, minimizing estate taxes, preparing for incapacity, or creating special needs plans, these lawyers provide valuable guidance and legal expertise to ensure that client’s wishes are carried out, and their financial and personal interests are protected. Consulting with an experienced Denver Russian speaking estate planning lawyer from Legacy Law Group Colorado can help individuals and families achieve peace of mind and financial security for the future.

Contact Us Today

Do not hesitate to reach out to the experienced Denver Russian speaking estate planning lawyers at Legacy Law Group. We will be able to go over some of the services we offer in more detail, then determine what would be a good fit for you to draft with us. We know that estate planning is not always easy, so our lawyers will all speak with care and can be factual without getting overly emotional about the process. Reach out today to learn more!