When to Consider Creating a Foundation With Your Estate

Creating a foundation may be an effective estate planning tool for those who want to preserve their legacy for generations to come. Family members may be able to work as employees of a private foundation, which means that they can draw a salary for as long as the organization exists. Furthermore, there are several strategies that allow you to use your foundation to minimize your estate tax bill.

How to Minimize Your Tax Bill by Creating a Foundation

Any assets that are owned by your foundation are considered to be held outside of your estate. Therefore, they won’t be included for purposes of calculating its value upon your death. Furthermore, up to 30% of the value of any property sold by this entity will be exempt from capital gains taxes.

The Potential Downfalls of Creating a Foundation

As a general rule, your private foundation is considered a separate legal entity. Therefore, you will need to keep detailed records of any donations that it made and any income that it earned throughout the year. Furthermore, there are various IRS tax reporting and accounting rules that must be respected at all times. There is a good chance that you will need to hire an accountant, an attorney and other professionals to make sure that you’re in compliance with these rules.

Financial and Other Professionals May Offer More Insight

A probate attorney in Las Vegas may be able to provide insight into whether it’s worth creating a foundation. An attorney might also be able to review your estate plan to determine if it was created properly. Other professionals such as accountants or financial planners can also help answer any estate planning questions that you might have.

Protect Your Assets With an Estate Plan

You are likely concerned about how to protect your assets during uncertain economic times. The good news is that there are several estate planning steps that you can take in an effort to protect your property from creditor claims. In addition to preserving your financial security, shielding assets from creditors means that future generations can inherit a larger share of your net worth.

How an Irrevocable Trust Can Protect Your Assets

A trust is an estate planning tool that allows you to hold assets outside of your estate. An irrevocable trust is one that is controlled by an independent trustee who has a fiduciary responsibility to the beneficiaries. Since you do not control the assets inside of an irrevocable trust, creditors are not allowed to seize them for any reason. This can be helpful in the event that you lose your job or experience a loss in income that makes it difficult to pay your bills.

An Annuity May Shield Your Money from Creditor Claims

State and federal law generally allow creditors to pursue a percentage of any annuity payments that you receive. However, these payments may receive greater protection from creditor claims if you file for bankruptcy. In most cases, you will be able to keep whatever you need to reasonably support yourself and any dependents who you are responsible for.

Talk to a Professional to Learn More

An estate planning lawyer in Las Vegas may be able to help you craft an estate plan that protects your assets during unpredictable economic times. Alternatively, you may be able to learn more about creating a stronger future for yourself and your family by talking with a wealth management professional.

How to Plan an Estate for a Terminally Ill Child

Estate planning is important for anyone who has assets. When a terminally ill child has assets under their name, parents or guardians need to include estate planning as a part of the legal activities they do on behalf of their child. Here’s how the process works for children with a terminal illness and why it’s important.

Set Up a Trust and Will

Minor children cannot directly inherit an estate. If you don’t already have one, set up a special needs trust for your terminally ill child. You’ll also need a will for distribution of personal assets of your child. A will may also include details about medical or healthcare power of attorney. If you’re not available to make those decisions at the time, this document will be used.

Choose an Executor for the Terminally Ill Child

The trust protects your child’s assets. If there are funds left in the trust after your child’s passing, the executor will be in charge of distributing them. It’s important to choose an executor you feel confident in and trust. If you don’t have a family member or friend who can do this for you, a business planning lawyer in Las Vegas may function as an executor of the will for a child with a terminal illness.

Include What the Child Wants

As early as possible in your child’s terminal illness, ask them what they want. While the subject is macabre, you might be surprised about how your child wants to be remembered or if they want anything special done in their memory. Your child’s estate planning process might include the details for a celebration of life event. A child with a terminal illness might have a friend in mind to take care of a treasured item.

Don’t Let Your Will Divide Your Family: Tips to Preserve Family Harmony

It should come as no surprise that it is essential to draft a will. No matter how much or how little property you own, or how much money you have in the bank, properly allocating your estate before you die is imperative if you do not want to leave that task to your loved ones. Working with a probate attorney in Las Vegas can help you make these decisions objectively and prevent your family members from fighting over your assets.

How to Divide Assets in a Will to Foster Family Harmony

Should everything be divided equally? Who should and should not receive a bequest? If you die without a will, some laws determine the allocation of your financial and property assets equitably based on who your immediate relatives are. The purpose of a will is to give you control over your assets before your death.

Consider talking to your family members before speaking to a lawyer to find out if there are any specific interests in your property. While you cannot please everyone, it may help you to know who has always really loved your baseball card collection, or which family member has always hoped to inherit that painting in your living room. You can avoid a lot of familial disharmony by sorting some of these gifts out in writing before your death so that your loved ones do not have to sift through your possessions and fight over them once you’re gone.

Once you have a rough idea of what you own, and a basic idea of what your close relatives may and may not be interested in, that is when a lawyer can really help you put it all together fairly and equitably to preserve family harmony.

Consulting a Las Vegas Probate Lawyer for Clarity

If writing your will is becoming a stressful endeavor or feel as if you are in over your head, an attorney can help. Your attorney will be able to ask questions to determine your individual needs and help craft a will that suits your needs now and the needs of your family when you die. A probate attorney will have the financial and legal knowledge to help you make these vital decisions for the peace of mind you and your family members deserve.

Protect Your Assets With These 3 Estate Planning Moves

While many people focus on growing their assets in order to bolster their retirement funds or purchase a new home, it’s also important that you take steps to protect your assets and estate. An effective method for protecting your wealth is by engaging in estate planning, which will allow you to pass your wealth to your heirs when you die.

Write a Will

The first and likely most important step towards protecting your estate and the assets within is to create a will. A will is a legal document that details how you want your assets to be distributed at the moment of your death. You can be very precise with your will, which gives you complete control over which beneficiaries receive specific assets.

Having a will in place should also lessen the stress that your family members go through in the months following your death. Keep in mind that a will can be officially prepared by an attorney, which reduces the possibility that you make a mistake.

Focus on Protecting Your Assets With Estate Planning

While protecting your assets shouldn’t be too difficult, there’s always a possibility that a lawsuit will be filed against you, which makes it more likely that you could lose some of your assets. Whether a lawsuit is filed by a neighbor or customer of yours, protecting your assets ahead of time should allow you to avoid losing all of your hard-earned money if a lawsuit occurs. When you engage in estate planning, it’s possible to protect your assets by placing them in legally protected vehicles.

Consider Creating a Trust

If you have a significant amount of assets within your estate, you’ll likely want to create a trust, which will make it easier for you to protect these assets. While a will is only used after your death, trusts can help you protect your assets when you’re alive. The two primary types of trusts include living trusts and testamentary trusts, the latter of which is only created when you die.

Because of the benefits provided by a trust, they will cost much more to create when compared to a will. If you need assistance in determining which type of trust is right for your estate, you may consider retaining the services of a trust administration lawyer in Las Vegas.