California estate owners set up provisions to prevent a major loss for their children and family. These provisions prevent excessive expenses when these individuals take possession of their inheritance. A Real Estate Planning Lawyer Irvine CA presents options to these owners to find an appropriate solution for each challenge they face.
Reducing High Tax Implications for Beneficiaries
Tax implications are reduced when the total value of the property or asset is decreased. For example, the beneficiary may acquire the property before the estate owner dies. This transfer prevents the property from becoming categorized as an inheritance. It is considered a real estate transaction and doesn’t require the payment of inheritance taxes.
Equally, the estate owner could set up an organization or charitable foundation in which certain properties are transferred. The owner of the foundation acquires these properties by inheriting the development. Since the property or assets are owned by this organization, the new owner doesn’t incur additional taxes.
Transferring Key Assets Out of the Estate
The transfer of key assets out of the estate reduces the total value of the estate. The value of the estate when the owner dies determines if it must go through probate or not. It also determines the volume of taxes required by beneficiaries. The owner may transfer key assets out of the estate at any time. They may also impose limitations to prevent unauthorized use or sale of the properties and assets.
The Cultivation of Trust Funds
An attorney helps estate owners set up trust funds for their family. These funds are used for supporting minor children, payment for college, and financial support in the future. The owner may impose any limitations they choose. This could include setting a limit on how much money is released each year.
California estate owners take steps to protect their property and assets. Through an estate plan, they could prevent the seizure of key assets by creditors. They could also manage the tax implications for each new assignment. Owners who need a Estate Planning Lawyer Irvine CA should contact The Law Offices of Neil J. Cacali or visit cacalilaw.com for further details.
