Planning for the future is an essential part of life. Whether you own a home or a property for commercial or residential lease, or you are a real estate investor, you should prepare an estate plan. An estate plan can help individuals and families with the process of passing on property, assets, and wealth.
When you have an estate plan, your assets will exist or be shared according to your choosing, either going to the people and organizations you choose. This can be done in several ways, including in a will, by using life insurance policies or other types of assets, such as trusts. It is important to remember that even if you do not have an estate plan, state law will determine how you distribute assets at death. However, if you do not have an estate plan, it means that someone else will decide how your assets are distributed. If there is no will, state law determines who inherits your property based on blood relationships and other factors.
Getting An Expert Estate Planning Attorney
You need an experienced estate planning attorney to protect your interests and execute your estate plan as you have requested.
At Lamb, Carroll, Papp, and Cunabaugh, we understand that owning assets and the matter of transferring wealth is a critical one. In transferring assets, we know you want to minimize taxes and ensure the longevity of your legacy both in the asset and in its value. Our estate planning services prioritize this. Whether your property is family-owned or a real estate investment, singularly owned or co-owned, we aim to ensure that your property is transferred just the way you desire.
Private Property Estate Planning
Our firm assists families and individuals with various strategies for estate planning in ways that preserve wealth by keeping it in the family and for future generations. We take a holistic approach to working with our clients by also engaging with their financial advisors and accountants to create an estate plan that is both comprehensive and attainable. We recommend different strategies for asset planning, be it creating trusts for families or a business entity change to protect assets.
Estate Taxes
Law and policies may be getting geared towards reduction in tax exemption for estates. This makes it a matter of urgency for you to discuss strategies for reducing inheritance text with your estate planning attorney. This is especially necessary if you have assets over 5 million dollars.
Our estate planning attorneys help high-net-worth individuals with asset transference and the technicalities around it. Some cases of transferring assets result in transfer taxes. For instance, if a grandparent decides to transfer assets to a grandchild, a transfer tax for the generation skip is charged by the IRS. In general, if an asset is transferred to a beneficiary who is at least 37 and half years younger than the donor, a transfer tax is charged. You will need to account for the transfer taxes, or else the beneficiary may have to pay taxes up to 40%
Need more information on how to protect your family or commercial assets? Reach out to us here; we would be happy to consult with you.