Estate planning is not only for very wealthy people. Even those of modest means should create a will and an estate plan which will determine what happens to their asset after their death.
This is not only a good idea from an inheritance tax perspective but it also removes a lot of uncertainty and worries amongst family members at a time when emotions are usually running high.
Your estate consists of everything you own. Your assets and liabilities are all taken into account at the time of your death and the ownership of each asset must be transferred to a beneficiary.
The process of transferring your assets after your death is referred to as probate. This process is made considerably easier if you have a valid will. In your will, you nominate an executor who is responsible for ensuring that your will is executed according to your wishes and that the assets are transferred to the beneficiaries of your choosing.
Should you die without a will then the state will determine what happens to your assets. Each state has a different set of rules to determine who gets what.
It is therefore a very good idea to have a will drawn up and to structure your affairs in such a manner that your family is not inconvenienced in any way. This is particularly important when considering properties that may still be encumbered with mortgage loans.
A way to avoid many of the problems associated with probate, when there are personally held assets, is to establish a trust.
Trusts are a tool used in estate planning that takes advantage of tax law, to minimize or avoid taxes and to ensure that the use or distribution of assets can take place outside of the probate process.
One or more trustees are appointed and they are responsible for preserving the assets within the trust for the benefit of the beneficiaries of the trust.
A living trust is created during your lifetime and your assets are transferred to it to preserve and maintain control over them.
Moses Nae, CEO of TaxLeaf, Contador Miami, and the founder of Contador America is passionate about helping foreign investors and business owners navigate the complexities of trusts and succession as it relates to their assets located in the USA.
As many legal requirements must be met when establishing a trust, it is crucial that you have a professional company helping and guiding you each step of the way.
Here’s what one of our successful business owners has to say about the service and support they receive from being partnered with Taxleaf:
Cesar Buenavista, Doral, Fl
“I am an Account Manager with TaxLeaf and have been working with clients for more than 6 years. The technology they provide is incredible. I have access to everything from my phone if I need it. They are very professional and provide excellent support for me and my employees.”
To help you learn more about how Taxleaf can assist you with trusts and succession planning in the USA, call us now to secure a FREE 30-Minute Consultation with one of our business experts.