In New York, estate owners secure asset protection when they start the estate planning process. The purpose of estate planning is creating legal avenues that protect assets before the probate process starts. This includes setting up trusts that lower the total value of the estate. An attorney provides options through Estate Planning Nassau County NY for the owners.
Lowering a High Value
The estate acquires more effective protection by lowering its value. Any early transfer of ownership is the key to lowering the value of the estate. Once there is a new owner, the property is no longer a part of the estate. The estate decreases according to the value of the property.
Starting Trust Funds
Trust funds offer an unlimited value. The estate owner decides the total value of each trust fund they create. They can transfer assets to the trust funds at any time. They won’t face any limitations for the trust funds. However, they can set up provisions for the trust funds based, such as how the beneficiary can use the funds.
Using an Irrevocable Trust
In Estate Planning in Nassau County NY, owners can create an irrevocable trust. The estate owner makes modifications to the trust at their discretion. This includes adding assets to and removing them from the trust. The assets are owned by the trust once they are transferred. The estate owner doesn’t own the estate, but they maintain full control over it.
How a Will can Help
A will directs the family. It defines who receives each asset. It also defines any provisions to protect assets for minors. The estate owner must choose a guardian for their children in the event they die before the children are adults. They also add provisions for trust funds and other assets for the children.
In New York, estate owners follow specific guidelines for protecting their assets. The planning process offers a variety of tools to prevent the seizure of assets during probate. It also provides legal avenues that reduce the burden on the family. Estate owners who need to start Estate Planning Nassau County NY can Business Name and schedule an appointment today.
