Have you or a loved one ever considered what will happen when you die? It’s important to have an estate plan in place.
An estate consists of all your property, possessions and financial assets. An estate plan lets you make your wishes known if you become incapacitated or pass away while reducing beneficiaries’ taxes.
Asset Protection
The centerpiece of an estate plan is a last will. This document expresses a person’s final wishes regarding the distribution of assets and possessions, names guardians for minor children, specifies beneficiaries, ensures any debt is paid, allows for the creation of a trust and can minimize income, gift and estate taxes.
A lawyer specializing in estate planning in California should also consider asset protection strategies that will make it more difficult for creditors to seize your hard-earned assets. An attorney can, for example, help a client create a trust that will keep their personal belongings out of the hands of creditors and support family members who are facing bankruptcy or debt. An attorney can also help clients create LLCs or corporations to protect their assets and separate them from liabilities.
Estate planning is crucial to ensure your loved ones are cared for after you pass away. If you have questions about estate planning, don’t hesitate to contact our office. Our team will help you create a plan considering your goals and needs. You will be able to give your loved ones peace of mind.
Taxes
You may find it difficult to consider your death and what will happen after you pass away, but this is something you need to do. You may not want your family to be burdened with the financial matters of your estate if you pass away without an estate plan. They might have yet to learn what you want to happen to all your property and assets. This can cause family disputes and expensive legal battles.
Creating a comprehensive estate plan can minimize your taxes and protect your assets. For example, a Trust can be established that manages and distributes your purchases to your chosen beneficiaries. In addition, a Trust can shield your assets from lawsuits and the IRS by showing that the assets are owned by a Trust rather than you.
Many documents make up an estate plan, and working with a financial professional and attorney can help you determine what’s best for you and your family. If you need help figuring out where to start, you can also work with an Ameriprise financial advisor who can recommend trusted partners and services to help you develop your plan. You’ll be able to create your project on your own or with the help of a partner, and you’ll have peace of mind knowing that your plans are up-to-date.