At the Law Office of Patrick L. Chatterton, we can work with you and your family in managing your personal affairs and planning for the disposition of your property upon death. When a loved one dies, it is an emotional and challenging time, as family, friends, and relatives struggle to deal with the loss and handle the legal challenges that arise. Often, one of the most pressing and complex legal issues is the transfer of the decedent’s property and the administration of his or her estate. Early planning can ease the burden placed on your loved ones during such a challenging time and having a will in place upon your death can avoid unnecessary conflict and dispute.
There are many legal tools that can be used to dispose of your assets either upon death or before. A will allows you to transfer assets at the time of your death. There are certain advantages to passing assets through a provision in your will, including tax benefits to the beneficiary. Capital assets that are transferred receive a “stepped-up basis” for tax purposes. Upon transfer, the basis is recalculated to the fair market value of the asset as of the date of death, as opposed to the original basis of the asset in the hands of the decedent. This has obvious advantages for the beneficiary who later sells the asset. The realized capital gain will be the difference between the sale proceeds and the date-of-death value. The appreciation from the original basis to the value at the time of death is disregarded and will never be taxed.
Attorney Patrick Chatterton can advise you on the legal avenues available and the best method for transferring your assets. He has worked with a myriad of different clients and families, including those with modest assets to those with sizeable estates. He works to educate clients and help them make the best decisions for their situation. Contact the Law Office of Patrick L. Chatterton today to experience the superior quality of legal services that has kept our firm in business for the past 20 years.