In Washington, estate owners secure their assets through careful planning strategies. The plans help the owners seek new ways to lower tax implications and prevent common financial hardships for their family. An Estate Planning Lawyer in Bainbridge Island helps owners navigate through legal processes to achieve asset protection more effectively.
Reducing the Total Tax Implications for the Family
A common strategy for lowering the tax implications for their family is to reduce the size of the estate. Typically, the owner can provide the asset to their family member prior to their death and avoid inheritance taxes. For real property, the owner could transfer ownership earlier and separate the asset from the estate entirely.
Creating a Legal Will
A legal will provides the estate owner to make decisions about their assets before they die. Common stipulations for the transfer of assets could apply to the age of the beneficiary. The legal document could also provide a guardianship assignment for a family member if minor children are left behind. The will could also identify specific life insurance policies that are used to pay off debts.
Setting Up Trust Funds for Loved Ones
A trust fund provides financial assets to a beneficiary. The estate owner can determine how the funds are used by adding stipulations to the assignments. For example, the disbursement of the funds may start after the beneficiary reaches a certain age. The estate owner could reduce the total amount that is released each year as well.
Decreasing the Time in Probate
The total value of the estate determines whether or not probate is necessary. However, if the estate owner creates a plan to settle their debts, the probate process isn’t necessary in all cases. Estates enter probate to establish the validity of the will and to give creditors the chance to place a lien against the assets.
In Washington, estate owners can manage their assets by creating a comprehensive estate plan. The process may require early transfers of assets out of the estate. However, the reduction in value could prevent common obstacles for the family. Estate owners who need to start a plan can contact an Estate Planning Lawyer in Bainbridge Island right now.