It's one of the hardest times in your life. A loved one has passed on and now you and your family members are dealing with their estate. When a loved one's will is read, sometimes there are disagreements between family members on how the estate should be distributed. In fact, some beneficiaries disagree with how much certain family members receive versus themselves.
There are many reasons why you should hire an estate litigation attorney and some you might not have thought of before. Here are just a few.
They Can Help Lower Your Estate Taxes
In some cases, estates are subject to both state and federal taxes once that estate is transferred to the beneficiary. These taxes will either increase or be lower depending on what type of property is being transferred, for example, residential property or a commercial business. Taxes may also be a factor in the transference of a business in which there is no owned piece of land or a building, but only the business itself is changing hands.
To minimize your tax payouts and potentially lower those taxes once property changes into your own hands, an estate litigation attorney can help you with detailed information and guide you through the steps to take to help keep those taxes in a manageable range.
They Help Arrange Asset Ownership or Buyouts
In some cases when there are disagreements over the ownership of existing houses, commercial properties, or even businesses that the deceased person has passed on to loved ones, an estate litigation attorney can help arrange for legal agreements on shared ownership or potential buyouts of these properties.
If you and your family members wish to keep your loved one's home in the family and it was willed to multiple people, your lawyer can work with you to draw up an agreement that is mutually beneficial to all parties. This could include who can live in the home, what expenses the other owners are responsible for, and whether or not the home can be rented to tenants, and how the rent will be divided between owners.
The same can apply to any business owned by the deceased that has now passed onto their loved ones. An estate litigation attorney can work with the beneficiaries to discuss how the business will be run, who is responsible for it, or if it should be sold off and the profits divided.