owners should review their options for protecting their assets. This
includes reviewing estate planning concepts that could reduce the
total value of their estate and decrease the tax implications that
could present a hindrance for their loved ones. If you wish to hire a
Wills And Trusts Lawyer in Moline, IL today, Visit
davidjfrankslaw.com for further details.
effective measure for reducing the value of your estate is to create
a charitable foundation. You will transfer ownership of assets to the
foundation to remove them from your estate. This could include
anything from antique furnishings to automobiles. Your attorney
provides you with strategies to set up ownership of the foundation to
one of your family members. This will also produce proceeds which you
could place into a trust for your family.
Funds for Educational Purposes
trust fund allows you to place a large sum of your money into an
account in which your children can use for predetermined purposes.
This includes generating a fund for college. You can continue to
contribute to these accounts throughout your life. To reduce tax
implications, you can initiate stipulations such as disbursement of a
specific value each year. This will prevent them from losing a large
portion of the money to taxes.
owners should create a will to address items such as transfer of
ownership of your home to a family member. It also identifies a
guardian for your children, in the event that you die before they
become of legal age. Once the will is officiated, it is a legally
binding document that is indisputable. If you reduce your estate to a
minimal size before your death, it is likely that you can keep it out
of the probate court.
A review of your estate and ways to reduce its total value can save your loved ones a considerable amount of money overall. It will also allow them to enjoy the assets you want to leave behind for them without facing financial difficulties. If you wish to discuss these concepts with a Wills And Trusts Lawyer in Moline, IL today, you should visit the website at http://davidjfrankslaw.com/ now.