An Estate Plan Can Include the Gifting Assets to Grandchildren?
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An Estate Plan That Allows Gifting Assets to Grandchildren
There are many complexities to estate planning. People assume that they are limited regarding who can be a beneficiary and how to handle gifting assets. With the help of experienced estate planning attorneys, you can rest assured knowing that your grandchildren will be taken care of. An estate plan can include the gifting assets to grandchildren. While the addition of grandchildren to an estate plan does complicate matters, it is easily accomplished with the help of an estate planning attorney,
An Estate Plan Can Include the Gifting Assets to Grandchildren?
There are several factors that can come into play depending on your situation, including, but not limited to, the type of asset you are gifting, the purpose the asset would be used for (education expenses, primary residence, etc.), and whether or not your grandchildren are minors. For example, one important factor to consider is the GST tax, or the generation skipping transfer tax. Your grandchildren may be affected by this tax in addition to the typical estate tax. While this tax can considerably reduce the overall value of the gifted asset, with the help of experienced estate planning attorneys, the GST tax can often be avoided by means of a generation skipping trust. Another source of information about the topic includes articles like this one.
Best Practices Include an Estate Planning Lawyer
It is not impossible to plan an estate without a lawyer. Keep in mind thought that one wrong word can significantly change the intent of the will. More importantly, laws regarding estate planning significantly vary across state lines. Everything estate planning is determined by state law. The specificity required of a will by state courts lends itself to serious mishaps for persons who choose to proceed without a lawyer. Thus, it is incredibly important to hire an experienced lawyer. Chicago IL estate planning attorneys at Anthony J. Madonia & Associates have ample knowledge of the intricacies of property law, no matter where you or your beneficiary resides.
If you’re looking for Chicago IL estate planning attorneys who will guarantee that your family is taken care of when you’re no longer there, Anthony J. Madonia & Associates has your back.