Leaving behind a legacy is what most people set out to do with the things and money they have attained in their lifetime. Making sure these things go to the intended recipient is something that needs to be settled and documented properly. An estate planning attorney in Beaver Dam, WI, can assist in setting up an estate to ensure that assets are protected for future generations. Setting up an estate plan benefits people in several ways; one of them being dividing the assets according to the will.
In some states, reducing or eliminating the tax liability all together on the estate can allow families to keep estates for hundreds of years, for a continued legacy to future family members. These are referred to as “Dynasty” trusts. Outside of the tax aspect of estate planning, many just want to know that the loved ones they leave behind are going to be cared for, for years to come. Many estates end up in probate and leave division of assets up to the state to determine, which liquidates assets and can leave families with nothing once the process is complete.
Advanced estate planning secures assets for even those who have very little in their possession. Many people want to ensure that a lawsuit or creditors cannot take assets after their death. A Spousal Lifetime Access Trust or SLAP trust guarantees that spouses are protected from losing assets. Anything owned by the trust becomes off limits from lawsuits or divorce decrees. Domestic asset trusts go as far as protecting offshore accounts as well. An estate planning attorney in Beaver Dam, WI, can ensure proper distribution, as outlined in wills and the estate upon death.
Having a will and estate set up in a “living trust” allows people to dictate what happens to their hard-earned money. Control of all assets is retained by the designated beneficiaries and is kept out of the state’s hands. Legal firms can advise and discuss all the advantages of establishing a will or estate with clients. Their team can do simple wills, and they will guide their customers on the advantages and disadvantages of trusts, estates and wills. Allowing the client to maintain control of their assets and guarantee that loved ones are properly cared for when they are gone is their goal. Click here to see how they can give customers peace of mind about their family’s future.