Estate planning was traditionally seen as something reserved for the wealthiest members of society. However, today more people than ever understand the benefits of working with an estate planning attorney to protect assets. If you have assets of any value and want to create a stable and tax-efficient foundation for yourself and your heirs, careful planning is required. Here are some of the ways estate planning is helping families in McKinney and across North Texas.
6 Ways Estate Planning Can Protect Assets
1. Develop an Estate Plan for Beneficiaries
One of the biggest motivations for creating an estate plan is to provide clarity for your beneficiaries. Without a plan in place, heirs may need to go through an extended court process that only delays the allocation of assets. Carefully planning ahead will ensure relatives are taken care of without unnecessary legal processes.
2. Protect Your Children’s Futures
Many parents create estate plans in case a tragic incident causes them to lose their lives. The estate plan can designate a guardian and detail how assets can be used in the child’s best interests. While a tragedy of this kind is rare, it can give parents peace of mind.
3. Minimize Tax Liabilities
An estate planning attorney can help clients by reducing tax burdens now and in the future. With many federal and state taxes to navigate, along with inheritance tax for heirs, the size of the estate could be substantially reduced. However, with the help of an estate planning lawyer, an effective tax strategy can be developed.
4. Avoid Delays With Asset Distribution
The probate process can be time-consuming, placing a financial strain on beneficiaries. Delays typically result from using little-to-no-planning, and could have been avoided. By precisely detailing the assets within an estate and how they will be distributed, the process can be concluded quickly.
5. Improves the Decision Making Process
If an individual becomes incapacitated or loses their life, important decisions need to be made. Sadly, everything from medical treatment to the distribution of assets can cause major arguments between family members. However, with an estate plan in place, the important decisions have already been documented for heirs to follow.
6. Protect a Business Using Estate Planning
Estate planning is also necessary to prevent disruption in a family-operated business. With many businesses being targeted for lawsuits, asset protection services will guard against claims from creditors and others. An estate plan details the transfer of ownership and operations to minimize downtime and maintain the value of the company.
Protect Your Assets With Our Estate Planning Services
At Lucé Law, PC, we help clients protect their assets and secure their estate for family members and other heirs. For assistance with estate planning in McKinney and throughout North Texas, contact us today. Call (972) 632-1300 or request a free legal consultation now.