Role of an Attorney in DC Disclaimer Planning

If you are looking to minimize your estate tax liability, it may be beneficial to explore your options. One increasingly popular option is disclaimer planning. This allows one spouse to move assets into a separate trust. An attorney can play an important role in DC disclaimer planning. From deciding that this is the right plan to actually executing the disclaimer, a skilled estate planning lawyer can help you make plans to make sure your assets are distributed according to your wishes.

How A DC Attorney Can Help

There are two times in disclaimer planning that an attorney interacts and advises a client. The initial time is when an attorney is working with a married couple to create an estate plan. The disclaimer to bypass trust will is just one of many options that a couple have in leaving instructions for their assets to be distributed after death.

This first interaction with a client is to explain what a disclaimer bypass trust will is, how the document operates, the idea behind the will planning, and that the client is comfortable with the planning. Disclaimers of the bypass trust wills are very flexible documents because they allow clients to utilize some estate tax saving, but a decision does not have to be made until the death of the first spouse.

By simply including the language, for all intents and purposes, it can go into effect when the first spouse dies and the surviving spouse chooses to disclaim. The attorney can look at the assets of the estate along with the client, the needs of the surviving spouse, and the current estate tax exemption.

The death of the first spouse is the second time that an attorney will interact with a client to discuss the options for disclaiming. Because the documents are so flexible, it is a popular option. The first consultation is to ensure that the client is comfortable with the style of planning. The second interaction is to counsel the client at the death of the first spouse to determine whether a disclaimer should be executed.

What Else to Know About Disclaimer Planning in DC

Individuals should know that disclaimer to bypass trust planning has become very popular because of the fluctuating estate tax exemption limit. Given that the limits at the DC level and the federal level have been changing throughout the last few years, the disclaimer planning option is a way individuals can easily include some estate tax saving without overcomplicating their estate plan.

Attorneys Play an Important Role in DC Disclaimer Planning

An attorney plays a role at two different stages of disclaimer planning in DC. The first is when you are creating a will. They can help you evaluate your options and include the language necessary to use this type of plan. The second time an attorney will be able to help is at the death of the first spouse when disclaiming the assets. To discuss your options, call today for a consultation.