In New York, estate owners assess ways to mitigate risks associated with the probate process. The risks include seizure of assets as payment for overdue debts. The estate planning process can mitigate these risks and protect the estate more thoroughly. A Trusts Lawyer Nassau County NY provides a legal avenue for asset protection.
Removal of Assets from the Estate
An irrevocable trust offers the chance to transfer assets out of the estate. The trust is owned by the estate owner. However, all legal connections that show the estate owner as the owner of these assets are dissolved. The owner controls the assets completely. They choose a successor for the trust when the original owner dies.
Lowering Tax Implications for Beneficiaries
A Trusts Lawyer in Nassau County NY helps the estate owner lower tax implications for their family. By providing early transfers, the family member is designated as the owner of key properties. They will have to pay property taxes, but they won’t have to pay inheritance taxes. The same is true for any irrevocable trust or trust fund used for the family.
Reducing the Time in Probate
The estate owner follows measures to decrease the total value of the estate. The estate owner could also set up an account specifically to pay off creditors. This could include a savings account or a whole life insurance policy. By separating assets, they are protected from creditors. It can reduce the total amount of time in which the estate is in probate.
Managing a Trust Fund
The estate owner starts a trust fund to offer financial support for their family. The trust funds are set up for minors in the event that they are orphaned. They are also set up to pay the cost of a college education.
In New York, estate owners review methods that secure their assets. The estate planning process provides them with several options to protect their estate. The process includes irrevocable trusts and trust funds. The estate owner uses these opportunities to prevent seizure through the probate process. Estate owners who need help from a Trusts Lawyer Nassau County NY Contact The Law Offices of Peter Morra today.