In Arizona, individuals with an estate of a considerable size need to take steps to protect their legacy. Through estate planning measures, they could acquire adequate protection and reduce the tax implications for their family. A probate law attorney in Gilbert, AZ, could help estate owners acquire these opportunities.
Decreasing the Size of the Estate
The first strategy that provides advantages is to decrease the size of the estate. This is achievable by transferring ownership of key assets or properties. The estate owner has a variety of options to achieve this goal. Among them is the early assignment of ownership to a family member.
How Can an Irrevocable Trust Help?
An irrevocable trust can help the estate owner by allowing them to separate certain assets from their estate. These assets are transferred to the trust and are no longer classified as the property of the estate owner. However, the estate owner maintains control over the trust and all properties transferred, until they die. A successor is identified by the trust to take over when the estate owner dies. However, the spouse of the estate owner may acquire control based on their marital status at the time of the estate owner’s death.
The Need for Trust Funds
Trust funds are designed to allow the estate owner to make contributions at any time. These funds allow them to set up provisions to protect the owner and prevent the unethical spending of the asset. If the trust fund is set up to provide financial support for a minor, the estate owner could add provisions to prevent a caregiver from taking advantage of the minor. They could stipulate that they must submit receipts to the court or an administrator for their estate.
In Arizona, estate owners with considerable wealth must take steps to protect their property and assets. Through estate planning, they can. It allows the estate owner to reduce the value of the estate and prevent higher inheritance taxes for their family. Estate owners who need these services should hire a probate law attorney in Gilbert, AZ, by contacting the law firm of Janet R. Feeley, L.L.C., or click here for further details now.