To eliminate uncertainties in the transfer of wealth or business assets from one generation to another, it’s important to work with a trusted law firm that understands the potential legal hurdles a client might face when preserving their assets. Estate planning is a complex area of law that requires a fundamental understanding of estate expenditures and asset management. The team at Johnston Thomas Law has over eighteen years of experience in assisting their estate planning clients, and in this article, Roy Johnston explains the three leading benefits of working with an estate planning expert.
- Reduce Estate Taxes
One of the most important elements to consider in any estate planning process is the taxes that a beneficiary might incur should they receive a business asset or a financial sum. A trusted law firm can work with a team of acvisors to create an estate plan with the goal of reducing the beneficiary from significant taxes. Legal experts can help wealth holders to review their various options and provide a solution that is both legally viable and suitable for the client’s current financial position.
- Building a Legacy
Without the help of a specialist law firm, those going through the estate planning process run the risk of risking a significant portion of their estate to taxes and creditors.. There are many estate planning strategies designed to help individuals ensure their wealth creates an ongoing legacy from which future generations can benefit. A law firm can help create charitable trusts that help the individual create a net benefit for the causes they are passionate about, while at the same time enjoying substantial tax deductions against their current income. They can also help them to set up foundations that ensure their wealth is used as a perpetual annual endowment for years to come. With a carefully designed plan, individuals can ensure that their wealth is preserved as much as possible, and used according to their wishes in the years and decades to come.. This takes planning with a team of advisors, with a knowledgeable estate planning attorney at the core..
- Protection of Assets
Protection of assets comes in two components. First, the protection of personal assets from creditors can be important to many high net worth families. A comprehensive estate plan that takes into consideration domestic asset protection trusts and charitable trusts can answer many of these concerns.
Second, one of the challenges many business owners face in crafting an estate plan for their assets is the changing regulatory structure within their marketplace. Commercial regulations are constantly changing in response to economic and social factors, and comprehensive estate planning strategies can help buffer estates against losses due to potential law changes in future.
Through a proactive approach to estate planning alongside an experienced legal expert, individuals can maximize the value of their assets for the long-term future and protect their loved ones. To learn more on the estate planning process, contact Roy Johnston at Johnston Thomas at 707.200.1366, email him at rjohnstonthomas.com, or visit their website at www.johnstonthomas.com.