As a lawyer, my answer to the question "what types of assets should I include in my estate plan?" would be that you should include all of your assets in your estate plan. This includes any property that you own, such as real estate, vehicles, jewelry, artwork, and bank accounts, as well as any personal property that you possess. Additionally, you should include any intellectual property that you have rights to, including trademarks, patents, copyrights, and trade secrets.
It is important to note that not all types of property are treated the same under estate law. Some assets may be subject to estate taxes or state inheritance taxes, while others may not. For example, some states exempt small estates from estate taxes or may have lower tax rates.
In terms of limitations or exceptions to this advice, there may be certain assets that are held in trust or joint ownership that may not be included in your estate plan. It is important to consult with a lawyer to understand how such assets should be treated.
Furthermore, suggestions for further action may include retaining the services of a financial planner or tax advisor to help you minimize any tax liability associated with your estate plan.
In conclusion, it is important to include all of your assets in your estate plan to ensure that your wishes are carried out properly after your passing. Although there may be certain limitations or exceptions to this advice, consulting with a lawyer and other professionals can help guide you in creating an effective estate plan.
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