In California, estate owners hire attorneys to review opportunities to protect their assets. These measures include strategies such as irrevocable trusts, early transfers, and the creation of wills. A wills and trusts attorney in Chico, CA instruct these estate owners in beneficial measures to provide asset protection.
Creating an Irrevocable Trust
An irrevocable trust is an opportunity to transfer properties and assets out of the estate. Once they are transferred, the estate owner still owns the properties and assets, and they retain the right to use them. A successor is identified to take over ownership when the estate owner dies. However, the spouse of the estate owner can alter the terms of the trust when they become the owner of the estate.
Addressing Tactics to Reduce Tax Liabilities
A common practice for reducing tax liabilities is to transfer ownership of high-valued properties. The estate owner may transfer the property into the name of a beneficiary or a foundation, and their attorney provides them with advice as to which option is more beneficial for them. Early transfers provide beneficiaries with fewer tax liabilities. It also reduces the total value of the estate. This strategy reduces the amount of time in which the estate is in probate.
Why You Need Trust Funds
Trust funds present the estate owner with a reduction in the value of their estate over time. These products allow them to provide monetary benefits for specific beneficiaries, including financial support for their children or spouse. Once the funds are transferred into the trust fund, they are no longer part of the estate.
An Iron Clad Will
The estate owner’s will presents their exact wishes. It designates what beneficiaries receive their property and assets. An attorney helps these estate owners to include provisions that reduce the potential for a dispute.
In California, estate owners need attorneys to protect their assets and property. The provisions allowed through estate law enable these owners to eliminate higher tax liabilities and major issues. Estate owners who need to hire a wills and trusts attorney in Chico, CA should visit for more information today.