Protecting Your Assets With The Right Estate Planning Tools
If you were involved in a car accident tomorrow, would your family know what to do with your house and belongings? Would they know how you’d like your assets divided? Would they even know where to look for your will or directions on what to do next?
Estate planning is all about planning ahead for possible emergencies and eventual realities. The trick is knowing which estate tools will achieve your goals. Beltrano Law, LLC, in Riverside will help you choose the most appropriate tools for the job. Led by Michelle Beltrano, a lawyer with a background in helping Connecticut and Westchester County families with end-of-life decisions, our firm offers personalized guidance to ensure your family knows what to do should the worst come to pass.
Do I Need A Trust?
Trusts have many advantages in that they can protect assets from the probate process and onerous estate taxation. However, whether or not you need one depends on several factors, like whether you have the time and means to fund a trust, and what your ultimate goals are.
There are also several kinds of trusts, each with its own unique purpose, so setting one up on your own is likely to backfire. We routinely help families set up special needs trusts to protect the welfare of adults and children with disabilities. We can also determine whether any of the following trusts may benefit you:
- Revocable and irrevocable trusts
- Asset protection trusts and trusts for tax mitigation
- Charitable trusts
- Spendthrift trusts
The Importance Of Drafting And Updating Your Estate Plan
Leaving your estate’s administration up to the court means that your property and assets may end up in the hands of those you did not wish. Without a will, the court must rely on Connecticut’s probate laws to account for your estate’s assets, identify heirs, pay state and federal estate taxes and creditors, and disperse remaining assets to the identified heirs and beneficiaries. This process is complicated and often expensive for your estate and heirs.
Michelle and her legal team can help you mitigate these risks by setting up the most appropriate vehicles to maximize your asset protection. Even if you plan to protect assets through trusts, a will may still be useful in telling the court how to proceed with the administration of your estate.
We also regularly assist those who wish to update their wills because they:
- Had or adopted a new child
- Got divorced or remarried
- Moved from a different state
- Became a grandparent
- Purchased out-of-state property
- Experienced other changes that require making updates
Planning Ahead Gives You Peace Of Mind
Give yourself and your family peace of mind by putting your affairs in order now, before it’s too late. Beltrano Law can also help you update an existing estate plan. Contact our attorney and legal team by calling 203-340-2610 to schedule an initial complimentary consultation.