When you consider all of the time, effort, energy and work you have put into a full life, one of the last possible things you can do is to leave behind a significant number of possessions.
However, because the tax code (as well as other inheritance and financial issues) can be so complex, you have to consider what you are doing up front and have a plan. That is why so many individuals are looking to use a Coachella Valley estate-planning attorney so that they know everything is taken care of in advance.
What is a Qualified Domestic Trust?
One of the most important things to know is that you need to establish a Qualified Domestic Trust, or a QDOT. As long as you have a QDOT in place you can increase your deductions and allow for more cash to flow through to you instead of to the government.
There are tremendous regulations put in place, however, so if you aren’t able to work with an estate attorney, then you could wind up leaving money on the table or spending more than you wanted.
Instead of trying to do it all by yourself, you have to look to a qualified attorney who can outline your options for you. It isn’t to say you can’t do it yourself, but with all of the potential pitfalls and missteps you could make a simple mistake, which could cost you a tremendous amount of money.