planning involves planning for the distribution
of a assets upon a person's death. Failure
to plan your estate, regardless of your
wealth, can have serious consequences
on your loved ones. Such consequences
include the court making decisions on
your behalf and the government receiving
more taxes than is necessary.
a person dies without a will, it is said
that they die "intestate." Any
assets that are not jointly owned become
property of the decedent's "estate." The
decedent's estate is then distributed,
through supervision of the court, in
accordance with Alabama law. The
process is usually long and complicated
and requires the assistance of an attorney.
Moreover, the decedent's entire estate
may be subject to both state and federal estate taxes.
planning can help avoid many of the complications
of dying intestate. Upon an individuals
death, his will is filed with the probate
court (or "probated"). Once
the court establishes the validity of
the will, the estate is distributed to
the individuals specified in the will.
A successful estate plan will ensure
that a person's estate is distributed
to the person or persons of the decedent's
choosing, with minimal tax consequences.
are several legal tools that are available
to assist one in the planning and establishment
of a successful estate plan. At Generic & Associates,
P.C. we will listen to you and make
sure that we know exactly what you
want. We will then prepare a custom
estate plan that will accomplish your
information, or to schedule your free
please feel free to contact