Having a clear, well defined estate plan in place, is the best way for you to protect your assets should you become incapacitated or pass away. While ideally this will occur in the very distant future, life provides us with no guarantees. Meaning, that as grim as it may sound, anything can happen in a moments notice. This makes estate planning vital. Taking the time to obtain the services of an estate planning lawyer can not only help to ensure that you have protected your assets, but also that assets will be distributed appropriately to your heirs. In addition, estate planning can provide you with so much more. You will have the ability to clearly outline your wishes, and protect your legacy. However, it’s important to note that even if you have not accumulated a vast amount of wealth or assets, estate planning is still essential. Creating an estate plan will surely leave you with a number of questions. Working with an estate planning lawyer can help answer your questions and move through the estate planning process with ease.
How can an estate plan protect my wealth?
If you have amassed a significant amount of wealth, you will want to preserve it for future generations. One key component to this process is putting together an estate plan with the guidance of an experienced estate planning lawyer. This can help to safeguard assets for not only the present, but the future as well. A trust, may be an appropriate option when it comes to protecting assets from possible lawsuits, in addition to minimizing estate taxes that may be required after you pass.
Why do I need an estate plan to protect my assets?
Estate planning is not an option that is only reserved for the wealthy. In fact, it can help nearly anyone who has assets that they are looking to protect. Again, estate plans are not only for after your passing, they may also take effect while you are still living. An estate plan can incorporate plans such as health care directives in the event you become incapacitated, or power of attorney for situations where you need someone to make financial decisions in your name for a period of time. An estate plan can also avoid familial disputes that may turn costly by clearly outlining your heirs and how your assets should be transferred to them. Perhaps one key reason to protect your assets is to minimize the taxes that may be required when assets are transferred to your heirs.
What types of trusts might help to protect my assets?
There are a number of options when it comes to protecting your assets. This is a primary reason that working with an estate planning lawyer is key. They can present you with all of your options and help you to take measures to assist in protecting your wealth, and your legacy. One such option is through a trust. Various types of trusts include:
- Revocable Trusts
- Irrevocable Trusts
- Asset Protection Trusts
- Spendthrift Trusts
If you have substantial assets, chances are you have worked hard to build all that you have by making smart financial and business decisions. Estate planning stems far beyond a plan for for family to access when you are no longer walking this earth. Estate plans can actually be useful while you are still living. Don’t let all that you have built slip away because you did not stop to take the time to protect your assets through an estate plan. Contact a Folsom estate planning lawyer so that they may begin evaluating your financial situation and your specific needs so that they may support you in creating a plan that works for you.
Thanks to the Yee Law Group for their insight into estate planning and protecting your wealth.