After spending a lifetime accruing a significant amount of wealth, you may want to take care of how it is divided up after you pass away. You want to avoid your money going to people whom you prefer to exclude from your estate. You may even want some of your loved ones to benefit now from your money.
However, you may be unsure of how to keep as much of this money out of the hands of the IRS, state treasury department, and bill collectors. You can get the legal advice and help you need to protect your wealth and benefit your heirs when you hire an experienced trust fund lawyer.
Utilizing Tax Loopholes
If you were to leave your money in regular savings or investment accounts, you might leave it vulnerable to high taxation. Depending on how much money is in those accounts, your heirs could see large percentages of it taken out for tax payments before they get a dime from your estate.
Rather than letting your wealth go to excessive taxation, you can retain a trust fund lawyer to help you use legal tax loops right now to protect your money. Your attorney can advise you about the various kinds of trusts available to you today. You can utilize those that will let as much of your money remain without the IRS or state having a legal claim to it.
Listing the Heirs
You also want any trusts you set up to remain off limits to people whom you choose not to benefit from your wealth. Your trust fund lawyer can help you legally name heirs to those funds. He or she can also ensure only those people have the right to use or withdraw any funds from those trusts. People you purposely exclude from your estate may be unable to access any of your money in them.
Practical Planning
Finally, your trust fund lawyer can help you plan out a practical way to execute your estate after you are gone. You may prefer an orderly and legal way to disperse your funds. You may also prefer the least contentious way to provide for your family after you pass away. Your trust fund lawyer can arrange for funds to be set up with your money now for practical dispersal later.
An experienced trust fund lawyer can help you set aside funds for your loved ones to use now or later. You also can legally name your heirs and protect your wealth from excessive taxation. Contact a firm such as The Ritchie Law Group to find out more.