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As unpredictable as life is, most of us spend maximum part of our lives earning and banking in as much money as we can for securing the lives and future of those who we leave behind. But one major aspect that we generally tend to ignore or postpone it for future days to come is to plan as to how our property or assets will be dispersed among the family members. To avoid the situation where your property would be dispersed among the members as per the inheritance law, a common and timely resort would be to opt for Llyod Copenbarger estate planning attorney who holds expertise in the arena.
Having an extensive perspective regarding the procedure of probate as per your state together with state-of-the-art knowledge regarding the estate tax laws, Llyod Copenbarger ascertains that your absolute desire regarding the dispersion of your property among the members along with your health care demands are duly met. Coprebarger as an estate planning attorney will assist you no matter what in every aspect whether you wish to get a will drafted for your estate, modify the already running one to demonstrate an alteration in your social stratum or best weight distribution hitch whether it is to include points in you already existing one.
Copenbarger law firm also facilitates you to realize your estate planning goals depending upon your current financial position that would incorporate your investments and your properties. He as a professional attorney would also make clear the rational picture of the prospective requirements of the survivors and also bring forth a clear understanding of your own medical desires at your last minute.
Following these details, Llyod Copnebarger Estate Planning Attorney would illustrate you the finest substitutes so that you get to see that your estate and the designed will is followed as per your desire. Apart from discussing your will, they would also facilitate you with options to trim down your taxes and penalties incurred on your estate. In case there are changes in your personal lives, like you have remarried or have lost your partner, Llyod copenbarger would inform you regarding the required mandatory alterations to be made.
There might be certain conflicts that would arise possibly because of your change in the personal situation like you getting remarried and would like to include your new spouse’s name in the will which your children might oppose. In this situation, the attorney of the Copenbarger law firm would help you refrain from any such conflicting situation by drafting a will that would distribute the property and assets as per your own wish among your family members.
Llyod Copenbarger is a professional estate planning attorney who would outline and carry forward all the formalities regarding the legal documentation that would include your will, your medicinal instructions and important power of attorneys that would be mandatory to execute your desires. A comprehensive research would be carried out if required to ascertain that you save maximum tax and penalties and also some part of it is curtailed as per the state laws by having a meeting with the tax experts.
How Estates and Trusts Provide Asset Protection
One of the tenets of asset protection is that your plan must not look like one of asset protection. That purpose must be concealed behind some other justification for your business entities and their activities.
Estate planning can be very useful for this purpose. It can be the veil behind which you hide asset protection. Estate planning is a means to state what you want done with your properties and assets after you die. You can declare how much, if any, each of your heirs should receive. This allows your family to avoid paying for death taxes and a probate. A probate is a court-supervised process of distributing your wealth.
Estate planning becomes your justification for forming a Family Limited Liability Company. A Family Limited Liability Company (FLLC) is a business entity that you form and control as the recipient of your estate. It allows you to transfer your assets from your ownership to the FLLC’s. You can then assign shares of these assets to your heirs while remaining in control of them.
This strategy helps you avoid estate taxes as you can decrease the taxable value of your estate. Not only can you transfer property out of your possession, you can also decrease its value when you move it into an FLLC.
Notice that an FLLC’s assets are considered separate from your own. It now becomes unavailable to claims from attackers or from taxation. It becomes, in essence, an asset protection tool. This wonderful side benefit is a product of estate planning and is therefore unlikely to be held under suspicion.
This arrangement may still be improved. An FLLC would still need a bank account and creating one would require you to sign documents. This decreases your privacy. Your own life insurance is subject to estate tax. A tax that could be as high as 40%!
Using trusts helps you solve these problems. A privacy trust can be set up to be the manager of your FLLC. You may then have a trustee sign the documents on behalf of your FLLC. Using an “Irrevocable Life Insurance Trust” also allows you to avoid estate taxes so long as the policy has been in the trust for at least three years before you pass away.
The intricacies of putting together trusts, estates and FLLCs are better explained at length in Chapter 3 of Michael Scott Ioane’s “Asset Protection Manual”. Do not forget that you also need to find someone you can trust to become your trustee; another need addressed by the book.
Bio: I’m Mark, a journalist. I used to see the meaning of life in creating news so that people knew the whole truth. I tried to work promptly, impartially and qualitatively. Now I’m writing a blog in which I describe about my experience and knowledge.
Ross is known as the Pambansang Blogger ng Pilipinas - An Information and Communication Technology (ICT) Professional by profession and a Social Media Evangelist by heart.
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