Estate Planning Law covers concepts such as creating a will, dividing assets into a trust, and developing foundations. The key element of estate planning is to reduce the total value of the estate to prevent significant hindrances such as higher inheritance taxes imposed upon your loved ones. If you wish to hire an attorney to begin this process, contact Coates Coates & Coates P.A. now.
Reducing the Estate Value
If your estate is considerably large, you should begin to plan your estate as early as possible. Your first course of action is to reduce its value. The most advantageous way to reduce this value is to establish a foundation in which your children will receive proceeds as an owner. These foundations generate funds for charities and can provide your loved ones with a company that includes key assets you wish to leave behind for them. For example, if you have antique furniture, you can situate it within the property obtained to prevent further taxes applied due to their value.
Any assets in which you transfer ownership to the foundation are no longer a part of your estate and are not included when the valuation is conducted. It becomes a part of a completely different entity. This could include trusts created for your children, which is another method of providing for your family without a significant impact based on taxes.
Trust Funds for Education
Education-based trust funds will present your children with the money they need to pay for their education. You can set these trust funds up at any time and contribute to them throughout your life. To control the tax implications, you can limit the trust fund to dispurse a specific amount each year to cover all costs of their education. This could include housing, supplies, and more.
Estate Planning Law provides you with a further insight into planning how your assets and property will be divided among your family members. You can also create a living will to control your senior care and make provisions in terms of life support concepts. To begin this process now, you should visit the website.