Siminou Law Lawyers Can Help with Estate Planning and Wealth Preservation Techniques
It doesn’t matter whether you are looking to leave a legacy to your hairs, protect your wealth from the estate or distribute your wealth in manners that align with your values, Siminou Law Lawyers can offer you the right solutions. By utilizing sophisticated planning software, we can interactively show you the implications that result from each scenario you can choose.
Estate Planning
Estate planning is much more than a simple summarization of a testament (more commonly known as a Last Will). IT also helps to reduce the potential taxes and establishes contingency plans to make sure that your wish in respect to desired health care treatment are followed. On the other side, estate testament establishes what happens to your home, your investments, your business, employee benefits, and other tangible and intangible assets after you are gone or too disable to decide for it. An individual can create and implement an estate testament while they are alive and have the legal capacity to enter into a sworn contract, usually drawn up by Siminou Law Lawyers. Especially for individuals who are the parents or guardians of a minor child or children, they should always have an estate testament in place to secure their futures. For others who care about their property or health-care treatment, having a will makes an equal sense to protect themselves from future uncertainties.
Past and Future
Family Limited Partnerships (FLPs) offer opportunities for various wealth preservation and asset protection planning, along with opportunities for estate planning through gifting techniques. One of the great benefits of this planning tool is that it can provide for Charging Order protection, if the plan is properly implemented and established in the correct jurisdiction. This means that creditors may have no, or very limited rights to, assets held within the FLP. These are often used either by individuals or families looking to limit their planning to stateside techniques, or as part of advanced offshore planning techniques where control over assets are maintained locally. The first thing to remember is that what our lives used to be like is not how it is anymore. Siminou Law Lawyers have had a fundamental change in our economy in the last couple of years. When a fundamental change occurs that is this big and sweeping, we have to change along with it, because if we don’t, we will be left behind. What this change affects the most is the government support of all our asset classes. Once that support is depended upon to keep the economy alive, it cannot be taken away without a lot of pain from those who rely on it. Therefore, it won’t be taken away and government stimulus via credit via debt is finite and will have to end when the credit runs out. You have probably have heard a lot about our debt and credit problems on the news lately. Young families must select guardians for their minor children, and employ simple trusts to help secure their future. Established families must transfer their wealth strategically, or incur shocking levels of estate tax, gift tax or other transfer taxes. Non-grantor trusts serve as excellent estate planning vehicles. Often times a tremendous amount of probate administration and attorneys fees can be avoided with living trusts, while achieving maximum privacy. Trusts can be structured as foreign or domestic under US tax law, the import being predominately in different reporting duties. These trusts can be used in any context calling for a trust, such as Childs Trusts, Pension Trusts, Charitable Trusts, Irrevocable Life Insurance Trusts, and various other varieties. Trusts provide excellent opportunities for wealth preservation, asset protection, and estate planning.
Wealth Preservation Trust
The Wealth Preservation Trust (WPT) is a trust that is established not only for you, but for your loved ones. You decide whom you wish to benefit with the WPT, and your Siminou Law Lawyer helps you. You are deciding that you want them to be secure financially, no matter what happens to you. You select the ‘trustee(s)’ who will see to it that the instructions you leave are followed. The property you select will be transferred from you to the trustee, who will hold it exclusively for the loved ones named as the trust’s beneficiaries. In a life insurance trust, the only property owner by the trust is the life insurance coverage. Unknown to most people, and generally their life insurance agents, is that while the proceeds of life insurance are not taxable to recipients, that the value of the life insurance policies are included in the estate at the time of death. In essence, the use of life insurance to pay off debts or estate taxes is often actually increased substantially by the policies themselves. By removing the ownership of a life insurance policy from your estate and placing it into an ILIT, the tax burden can be eliminated, and the moneys under the policy can pass to a spouse and heirs by control of the trust provisions. You are the “Grantor” person, and usually the “Insured” person, but you are not a “Beneficiary.” Because it’s irrevocable, the Wealth Preservation Trust will hold “X” percent of the Family Limited Partnership plus life insurance coverage on your life – all “outside” your estate and beyond the reach of either the IRS or the reach of your lawsuit adversary. In the USA, if the trust had you as a beneficiary and also the grantor, it would be considered a “self-settled trust” and thus could pierced by a lawsuit.