Heller Espenkotter PLLC
Your estate law attorney or certified estate planner can help you create the perfect estate plan to protect your assets and your interests. Having a good estate plan is also a great way to protect your loved ones and make sure there won’t be any legal issues after your passing.
Source: http://managerteams.com/tips-for-creating-an-estate-plan/
Just a few estates must pay inheritance taxes, but how much do they pay? The effective tax rate for those that have to pay it is less than 17 percent, on average. This roughly translates to a sixth of the total estate. This number is far below the statutory number of 40 percent.
Asset protection starts with choosing the business entity. This is an important step because there are multiple aspects to pay attention to. For instance, there are many tax-planning considerations if your business is active as a sole proprietorship, but this type of business entity will not offer maximum asset protection security.
Living trusts are considered more powerful legal entities than wills or testaments. One of the main advantages of living trusts is the anonymity it provides. If an individual chooses to have a living trust, the assets included in the trust will not be made public (this will happen if the individual only uses a will or a testament).
Estate planning is the complete process of organizing and transferring your assets after your death or incapacitation. The main idea behind estate planning is to make sure your beneficiaries (the heirs) will receive your assets in the most effective way possible. In other words, estate planning is a strategy to ensure your heirs receive your assets as quickly and as cost effective as possible, after you die.
Asset protection trusts are complex financial protection tools. For instance they are irrevocable – the grantor cannot make any changes to it, in any circumstances. On the other hand, property protection trusts allow occasional distributions, according to the independent's trustee preference.
Revocable trusts are probably the best estate planning tools. They are far more effective than last wills or testaments for a variety of reasons. Revocable trusts are amazingly powerful legal tools and they are very effective if you want to avoid the probate process.
Living trusts are also known as inter-vivos trusts. They are made by the trustor (also known as the grantor) during his or her lifetime. In this type of trust, the assets can be used by the individual, during his or her lifetime. After the grantor passes, the assets are transferred from the trust to the beneficiaries, according to the agreement.
Heller Espenkotter PLLC is a boutique estate, business and asset protection planning law firm .Our law firm at Heller Espenkotter dedicated to offering personalized...
