Asset Preservation For Heirs And Beneficiaries
Estate planning documents like wills and trusts outline who receives what when someone passes away, but simply declaring the recipients of assets is not necessarily enough to make strong decisions in estate planning.
When an heir or beneficiary receives estate gifts, either in lump sums of money or in the transfer of property ownership, he or she will end up taking on responsibility for taxes and fees associated with that property. If property transfer is not handled appropriately, significant amounts of wealth could be lost in the gifting process.
At The Maitland & English Law Firm, PLLC we help our clients account for these issues and make thoughtful decisions in estate law and asset protection. Even if estate planning documents do not provide a means to preserve assets, we can work with you and the estate’s administrator or trustee to find a legal solution.
Protecting Assets From Creditors And Others Who May Have Judgments Against The Beneficiary
When people face unexpected financial hardships, such as overwhelming debt or the cost of divorce, an inheritance can save them from pervasive loss. This is only true, however, if inheritance is protected from creditors, injury claimants and anyone else who may have taken legal action to recover money from the beneficiary.
Setting up a trust is a flexible and durable way to transfer assets while protecting them from unexpected loss. There are many classifications of trusts, including revocable trusts, irrevocable trusts, special needs trusts, educational trusts and more. Work with our experienced attorneys at The Maitland & English Law Firm, PLLC to learn more about your options.