Estate planning Austin employment attorney is a process where assets of an individual or couple is transferred to the heirs in a safe, efficient and cost effective manner, through the use of planning techniques.
In most cases people will seek the advice of an attorney to help with the process and to draw up the necessary documents.
The larger the value of the estate, the more planning that should be done, as the complexity of the process will increase proportionately.
With many people, all that needs to be done is to be sure that a current and proper will is drawn up, and that will take care of things. But with multiple properties and investments, there may be more that is needed such as gifting programs, trusts, and advanced planning procedures.
There are costs involved that can be mitigated, such as Federal and State estate taxes. Although Federal estate taxes do not enter into the picture until the estate value reaches around $10 million, many of the states have similar taxes that take effect right away.
If the process is planned in an orderly way, the costs and delays can be minimized and property passed to the heirs with a minimum of cost and problems.