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Reorganizing Your Assets Can Be Made Simple
When you are in the process of estate planning, one of the most important aspects involves reorganizing your assets. Whether you have a large estate or a simple one, it is important you make sure your assets are organized in a manner that best expresses your wishes. If you need additional tips on how to reorganize your assets, turn to the experienced Chicago asset protection lawyers at Anthony J. Madonia & Associates.
When reorganizing Your Assets Consider a Living Trust
While a will can communicate how to distribute assets upon your death, it may not help avoid potential conflict. Since it will go through probate court, that opens up the possibility of someone making a claim to your estate. However, a living trust can eliminate this possibility. By reorganizing your assets in this manner, the trust becomes owner of the assets, allowing you to name a trustee who will oversee the estate and distribute assets based on your wishes.
Limit Taxation Exposure
For many who attempt to do estate planning on their own, one of the biggest mistakes they make is failing to take advantage of the many ways assets can be shielded from taxes. Unfortunately, estate taxes are often able to eat away at a person’s assets, resulting in a plan that looks nothing like what you envisioned. Rather than let this happen, always work not only with a skilled asset protection lawyer, but also a tax adviser who can offer important information on this matter.
In the case of retirement accounts, it is very easy to ensure they avoid probate. By directing a 401(k) or IRA to benefit a specific beneficiary such as a spouse, the redistribution and liquidation process can be eliminated. Rather than have your estate plans fall apart due to various mistakes, contact Chicago asset protection lawyers at Anthony J. Madonia & Associates for a consultation.