Estate planning is going to involve inventorying your assets to determine exactly what it is that you have to give to your loved ones. You are then going to have to decide on vehicles of asset transfer.
Many people simply assume they will be using a last will to direct the transfer of their assets, but you have multiple options. Various different courses of action may be called for depending on the size and scope of your assets and the form that they are in. The realities of the federal estate tax come into to play here and if you are exposed you must take action to gain estate tax efficiency.
Another thing to take into consideration would be the personal proclivities of the people who will be receiving inheritances. It is likely that you have certain people on your inheritance list that have already demonstrated sound money handling capabilities and you may not have any concerns about these individuals.
On the other hand, you may have someone in the family with a tendency to burn through money quickly. You could protect someone like this by making this individual the beneficiary of a spendthrift trust.
With these trusts you empower the trustee to handle the funds and issue distributions in accordance with the conditions that you set forth in the trust agreement. The beneficiary will have no control over the assets and they will be protected from the creditors of the beneficiary.
A spendthrift trust can give you the peace of mind that you are looking for when you have concerns about an heir. If you are interested in creating one, simply take a moment to arrange for a consultation with a good Sarasota estate planning lawyer.
Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.
Tags: Estate Planning, Inheritance Planning, Trusts
Leave a Reply
Source: http://www.co-executor.com/blog/estate-planning/spendthrift-trust-solution/
heisman finalists heisman finalists kepler 22 b kepler 22 b rosie o donnell st nicholas st nicholas
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.