Long term care planning and special needs planning attorneys are best suited to provide the right legal counsel in specialized cases
December 2, 2022
Understand the benefits of choosing Montana Elder Law firm
December 16, 2022
Show all

Estate Planning Attorney Billings to help you create a Will and estate plan that minimizes your taxes and liabilities

The law in Montana does not take into account your personal relationships or what you said before death while distributing your estate if you die intestate or without a valid Will. Your estate may even be distributed to your distant relatives by the court who may not be among the first choice of your beneficiaries. To ensure that your estate is distributed as per your wishes after your demise, you need to provide instructions through an estate plan, naming the people or organizations to whom you would want to transfer your assets.

Estate planning ensures that all your estates, physical, financial and online, are inherited by the intended beneficiaries as per your wishes after your passing away. Also, remember that estate planning is not only for the rich. Everyone has some kind of estate, savings account, car, home, life insurance, investments, furniture, and personal possessions. However, good estate planning is much more than simply naming the beneficiaries, it also includes the below:

  • Instructions for your care in case you become incapacitated.
  • Guardian for a minor child’s care and inheritance
  • Arrangements for disability income insurance
  • Transfer of business after your retirement, disability, or death
  • Protection of an irresponsible loved one from creditors
  • Minimizing taxes and other liabilities

Reviewing and updating your estate plan 

All these aspects of estate planning are not easy to manage on your own. Moreover, estate planning is an ongoing process, not a one-time event. As such, experienced estate planning attorney Billings could be of great help who would guide you to create a legally valid Will and an estate plan. The attorney will also review and update your estate plan based on changed circumstances and your preferences.

Pretending that you will continue to live will not do any good to you and your family. Also, putting off your estate planning because you think that you do not have enough, or that you will have plenty of time to do it later, will not be a good thing to do. If you happen to pass away without a Will or estate plan, your loved ones will have to pick up the pieces, and it’s also likely that they will end up moving to the court to settle your estate. Court settlement would be a long-drawn process, and it would also breed enmity between the family members and other stakeholders.

Making separate arrangements for tax payments for the residuary estate

At Montana Elder Law firm, you can hire experienced estate planning attorney Billings who will not only help in devising your Will but also the estate plan as per your choice. The attorney will also help you in locating and organizing your information and documents, and fix the errors. If you try to do it on your own without the help of estate planning attorney Billings, it may cost your family more later and may have consequences that you did not intend. The attorney may also help you to name the persons to take care of your estate and manage your finances after your death for the benefit of remaining family members. Your estate planning attorney Billings may also help you in making separate arrangements for tax payments for your residuary estate; this will ensure that the inheritance value of your estate is not reduced due to taxes.Montana Elder Law firm provides its services for estate planning, elder law, probate, and special needs planning throughout Billings, Missoula, Great Falls, Butte, Helena, Kalispell, and Bozeman.