An Estate Planning attorney specialized in Asset protection in Arizona can help you protect you life savings.
Understanding the basics of estate planning can make all of the difference when it comes to protecting your assets. Click here to learn more.
Around 37% of adults in the United States don't have an estate plan. Many people think that there isn't any point in having an estate plan because they don't think that their estate is large enough. But not having any plan at all is a bad idea. How to preserve your assets using estate planning is an important question. Another important question is how do you protect your assets? Keep reading and you will find the answers you need.
This is because your assets might go to the wrong people once you die. Or they could be taken by creditors. You can avoid these issues with proper estate planning that follows Arizona law, whether it is a trust or a will.
But how can estate planning protect your assets in Arizona? Keep reading and learn more about the importance of asset protection with estate planning.
What You Need to Know About Estate Planning
The great thing about comprehensive estate plan is that it can help protect your assets from taxes. An estate plan is a legal document to protect assets. If your estate is very large, it will be subject to a large percentage of taxes. But you can avoid these taxes with the right estate planning tips.
An estate plan will also protect your assets against creditors after you die. This is important because creditors will always try to take some of your assets from your estate and from your loved ones. This might prevent your family members from receiving the assets that you wanted them to have.
But you can also prevent this with proper estate planning. This is important because many things can go wrong if you don't have an estate plan properly drafted. Suppose you want a family member to inherit some of your expensive jewelry when you die.
Telling your family member about this plan isn't enough to make it happen. Creditors might come along and take those assets if they aren't protected. But creating an estate plan like a living trust will prevent this from happening.
You can specify in writing who you want to inherit your valuable assets. Once the assets are secured in a living trust, specially if your create a dynasty trust. It will only be possible for the person meant to inherit those assets to take them. An asset preservation attorneys can help you decide which estate plan will prevent this.
How Does It Work?
There are also several different types of estate plans you can opt for. The most popular are revocable living trusts and irrevocable trusts.
An irrevocable trust is one that you can't change once you create it. While there are exceptions, it is very difficult to change what the trust says once you create it. Such a trust is a great way to protect your assets from creditors.
Having an estate plan can also give you a greater feeling of security. Without a plan, your assets might go to the wrong people or creditors. But with a plan, your assets will always go to the right people.
A living trust also allows you to be more specific about how your property gets distributed. Suppose you have a family member who is not responsible with their money. You can create a trust that allows them to take a small bit of money at a time rather than all the money at the time of your passing.
This makes it more difficult for them to make bad decisions with the money they inherit. There are also special trusts designed to support those with disabilities. There are also charity trusts and trusts that skip a generation.
These more specific estate plan options allow you to be more specific with your most important assets. This ensures that they won't be squandered or fall into the wrong hands once you die.
How Else Can Estate Planning Protect Your Assets?
If you want to prioritize asset protection, you should consider seeking legal help for your legal needs. It can be hard to know where to start with your estate plan if you've never considered one before. But an estate planning lawyer can help you make the right decisions.
Keeping Peace in the Family
Without a plan, your family members might have to fight over different assets because you didn't specify who they should go to.
But you can prevent this mess by organizing everything in your estate plan. Your lawyer can help you simplify this process. This makes it easy to distribute certain assets to certain family members.
It also reduces any fighting among your family members after you pass away. If there are any specific requests you would like regarding your assets, you can talk to your lawyer about them too. You can also transfer your assets into a revocable living trust and protect them while you're still alive and still maintain control over them.
Suppose you need to get rid of some of your assets to qualify for a government program. You can keep your assets safe by relinquishing ownership and putting them in a trust. You can then appoint a family member to take care of those assets or inherit them after you die. Only a qualified estate planning and elder law attorney in Chandler AZ can help.
All About Estate Planning
Estate planning is very important if you care about protecting your assets. You can specify who they should go to and protect your assets from hefty government taxes. Ask your estate planning attorney about a tax asset protection plan. They are able to tell you more and what to do if this interests you. An estate planning attorney will make this process much easier for you. You also need to keep you estate plan up to date. You can do this by talking to an asset preservation lawyer and finding out all the ways the protect your assets.
To learn more about how it works, check out our estate planning services, click here.
Citadel Law Firm PLLC will be pleased to help you with your estate planning documents or the probate process. Call (480) 565-8020 or click here to schedule a free estate planning consultation with our estate planning lawyers. Our free consultation will give you the opportunity to meet an Arizona estate planning lawyer and see if we are the right law firm for you.
We can help you with your estate planning needs like a living revocable trust or revocable living trusts, last will and testament, medical power of attorney, financial power of attorney or durable power of attorney, a living will as well as customized estate plans. Secure your assets today with our Chandler estate planning lawyer.
Our Chandler office is located at Queen Creek between McQueen and Cooper, just south of the Chandler airport. Our estate planning services and our estate planning lawyers understand the Arizona estate planning law. We have extensive experience in estate planning and and the probate process. Careful planning to protect assets and manage assets can avoid costly mistakes and avoid probate.