Real Estate Laws offer the opportunity for estate owners to protect their property and assets. They provide provisions that help estate owner to ensure that their family maintains control over the estate. Among the first options to protect an estate is to produce a will.
How a Will Helps
A will is the final wishes of the estate owner. It designated who receives the property and assets. This includes monetary values for a transfer of funds. The will could also include conditions or restrictions. For example, if the estate owner creates a trust fund for college, they could include restrictions on how the money is used and how much is available each year. Restrictions may also apply to accepting ownership of real property. To begin a will today, contact Real Estate Law Firm Daytona Beach.
Reducing Inheritance Tax
Creating a non-profit organization presents the opportunity to reduce the value of the estate. The estate owner transfers funds, properties, and other assets into the organization. The deeds to properties are transferred into the name of the organization or a family member. Since ownership of these assets are transferred before the estate owner dies, the new owner won’t pay inheritance taxes.
Health Directives and Care Plans
Health directives include living wills. These documents direct doctors and hospitals in the event that the estate owner becomes incapacitated. The directive identifies if the individual wishes to acquire life-saving treatments. To create a living contact Kistemaker Business Law Group It is a boutique law firm that focuses on specific areas of the law, including condominium/homeowner’s association law, business law and litigation, construction law and litigation, and real estate law and litigation.
A care plan is another directive created in estate planning. It designates who will manage the estate owner’s health care. This individual is provided with a power of attorney to give them the right to use certain assets. However, this authority comes with restrictions. For example, the estate owner imposes restrictions pertaining to how these assets are used.
Estate planning encompasses a multitude of concepts. These concepts help estate owners to protect their assets and prevent the state from taking them after they die. Debt settlement directives are also included in these plans to prevent family members from losing assets. To learn more about these concepts, contact Kistemaker Business Law Group.
