In California, estate owners need to acquire asset protection quickly. These plans could reduce the amount of time that the estate remains in probate. The probate process could allow creditors to seize specific properties or assets for payment. An Estate Law Attorney in Chico CA provides asset protection for the local estate owners.
Reducing the Total Value of the Estate
Transfer of ownership to a family member at an earlier time reduces the total value of the estate. This is a vital step for decreasing the time in which the estate remains in probate. This step could provide reduced tax implications for the family members as well. They will be required to pay property taxes, but they won’t face inheritance taxes for the property.
The Benefits of an Irrevocable Trust
The first benefit of an irrevocable trust is the separation of key properties and assets from the estate. Once they are transferred into the trust, they are no longer a part of the estate. Creditors cannot file a lien against these items. The estate owner has full control over the trust until they die. They appoint a successor to take control after their death. They may choose anyone they prefer. However, a legal spouse can acquire the trust if a successor isn’t appointed.
Trust Funds and Provisions
Trust funds are set up for monetary support for family members. They used typically for support for minor children or as a means to pay college tuition. The estate owner sets up provisions to protect these funds. This may include restrictions that prevent a caregiver from acquiring funds fraudulently.
A Health Care Plan
A health care plan is set up according to the estate owner’s wishes. They appoint someone to manage their care if they become incapacitated. This individual acquires a power of attorney defining their rights.
In California, estate owners take steps to protect their assets before they die. These steps may include the creation of a will as well as the establishment of a trust to provide added protection. Estate owners who need these services should hire an Estate Law Attorney in Chico CA or visit Leclerclawoffice.com for more information today.