In New York, estate owners seek measures to secure their assets. These measures help them prevent their creditors from seizing their assets to settle debts. They also ensure that the assets are transferred to their family members after their death. An Estate Planning Attorney provides estate owners with asset protection today.
The Establishment of an Irrevocable Trust
An irrevocable trust is created for the purpose of transferring assets outside of the estate. The estate owner retains ownership of all transferred assets until they die. After their death, a successor of their choosing takes full control over the trust. However, the estate owner has the right to transfer any assets out of the trust at any time.
The Reduction of Tax Liabilities
As properties and assets are transferred out of the estate, the tax liability is reduced. Early transfer of ownership to a family member or trust eliminates inheritance taxes. It doesn’t reduce property taxes; however, they are considerably lower than inheritance taxes imposed by the probate court.
Trust Funds for College Tuition
Trust funds are created for the estate owner’s children. They provide funds for college tuition and associated expenses. The estate owner reserves the right to impose provisions for these trust funds. They can limit the amount of money disbursed each year. They can also prevent their child from spending the funds inappropriately. The estate owner can transfer funds into this account at any time they choose.
Creating a Will for the Estate Owner
A legal will instructs the estate owner’s family after they die. It presents them with ownership of specific assets such as their home and monetary assets they leave behind. It may also provide them with the estate owner’s final wishes and funeral preferences. After their death, the estate enters probate. Their will defines any provisions for debt settlement during this process.
In New York, estate owners acquire asset protection through the estate planning process. Through this process, they lower tax liabilities for their beneficiaries and protect their assets from seizures. They create irrevocable trusts as well as trust funds to transfer assets out of estate. Owners who want to acquire asset protection should contact Estate Planning Attorney, Mark Aberasturi today.
