When you are creating your last will and testament, you are going to be deciding how your money and your possessions are going to be divided after you die. One person that you probably don’t want to give a slice of the pie too, is your attorney. Here are a few ways to create your last will and testament without costly attorney fees.
A lot of people think that youth is an excuse for putting off doing a will or trust. But health care proxy trusts is not just about planning for your death. It is also prepares you in the event you experience an incapacitating injury and are unable to make your own financial or medical decisions. While the odds are certainly in your favor that you will not need an estate plan, you should still consider these four scenarios…
What’s the use of building a huge real estate portfolio if a single lawsuit could wipe it all out? Why bother to achieve financial independence if the bulk of your estate will end up in the hands of the government when you pass on? And why is it that the average real estate investor does absolutely nothing to reduce their #1 yearly expenses – taxes?
I can dream up many excuses people might have, such as: It’s not urgent; I can always do it later. I can’t afford to do it now. It is not in my budget. I hate to talk about death. I don’t know what I want to do. I’m too young. What if I get a divorce? I don’t have very much. What if I change my mind? I don’t have time to spend with an attorney. I don’t know anyone who does this work. Yada, yada, yada…
Stay away from an attorney looking only for a transactional relationship; this is the one who is looking to get you in, get you out, and get paid. Your estate trusts and wills should be a trusted advisor alongside your financial planner and CPA. Your life will change, your assets will change, and the law will change. So should your estate plan, and your lawyer should be nurturing a trusted relationship with you to be on call just when you need an update to the design of your plan.
Instead, take that publishing company and open it as an LLC or even a sole proprietorship. The beauty of this situation is that even for a company that makes money and must pay additional taxes, you might still end up with a refund just because of what’s happening with your personal tax return. Since the income and expenses of your company are reported on the same return, you could still end up getting money back! Another benefit is that your salary will only be taxed once, on your personal return. With a corporation your salary is taxed as part of the corporate tax structure, and a second time when you report that income on your regular returns. For a company with only a few people, this makes no sense when you think about what you get in return.
All of these may take time, effort and hard work but you have to do all of these to make sure that your home in Tampa real estate will sell faster. These basic tips are the things you should do in order to make sure to sell your home quickly. So the time, effort and hard work will soon be worth it.