There are many reasons for you to take advantage of practical estate planning and asset protection planning. For instance, did you know:
- A Will does not avoid probate.
- Probate files are public records, and anyone can have access to your records.
- You and your property can be placed under the control of the probate court before you die.
- Your child’s trust in your will may not work when needed.
- You may not be able to sell the jointly-owned property without approval from the probate court.
- You still need to protect your assets against the possibility of disability or incapacity.
- The probate court, not your child’s guardian, will probably control your minor child’s inheritance.
- Your present life insurance might be unable to help your family.
- The need for long-term care in your future may cause the liquidation/loss of your family assets and financial security for you, your spouse, and loved ones as a result of the Medicaid Spend-down statutes.
- Business activities can lead to business liabilities. The use of corporations or limited liability companies can protect you and your personal assets from such liability exposure.
An effective estate and asset protection plan can assure your family of financial security after your disability or death. It can reduce taxes, administrative costs and red tape. It can allow you to dispose of your assets as you wish, with consideration given to your heirs’ individual needs and desires.
It is not effective estate planning to put everything you own in joint title or draw up a will leaving everything to your spouse. You need to review your total financial position and project what taxes and probate costs your family will pay if you altered nothing. Then consider the options to reduce these expenses and still accomplish your objectives. Please visit Long Term Care and Family Limited Partnerships.
In addition, it is strongly recommended that you contact us at (520) 797-1400 to schedule a free consultation on this topic. The issues of Asset Protection are very complex and variable. There are many problems to solve and solutions to accomplish your objective. We can help plan an organized and effective strategy for you and your loved ones. By your experienced Tucson Estate Planner, ALTA Estate.