In Connecticut, estate owners mitigate risks associated with the probate proceedings by creating an estate plan. The plans offer options to prevent the probate court from taking assets to pay off debts. They also enable the estate owner to give their assets to their family on their terms. Local Probate Lawyers South in Windsor CT explain effective estate plans for the owners.
Setting Up a Will
The will defines the estate owner’s last wishes. It distributes their assets and wealth to their family members. The document includes guardianship assignments for any minor children. It also identifies any provisions needed to protect assets or prevent outsiders from misusing any assets.
Contributing to Trust Funds
Trust funds are set up at any time and placed in the family member’s name. The estate owner contributes to the trust fund according to their preferences. The trust funds are set up for financial support, college tuition, and to provide monetary assets to a specific family member. The funds come with provisions such as limiting access to the family member is at least eighteen.
Separating the Assets from the Estate
The estate owner has several options for separating the assets from the estate. They set up an irrevocable trust to separate the assets from the estate entirely. The irrevocable trust is managed by the estate owner throughout their life, and it is provided to a family member after the owner dies. The owner also has the option to sell specific assets and contributes the proceeds to a trust fund or to the trust itself.
Earlier Ownership Transfers
Earlier ownership transfers give the family member access to the property sooner. The tactic is beneficial to prevent establishments such as nursing homes from seizing the property. It also separates the property from the estate.
In Connecticut, estate owners create plans to protect their assets and prevent seizure by creditors. The plans consist of wills, trust funds, earlier transfers, and irrevocable trusts. The attorneys review the estate and find ways to lower tax implications for the owner’s family. Estate owners who need help from Probate Lawyers South in Windsor CT contact Kahan, Kerensky and Capossela LLP right now.