Trusts and Estate Planning
Estate tax planning for those with assets to protect
With the repeal of the federal estate tax set for 2010 and its reinstatement scheduled just one year later, estate tax planning has become more complicated than ever. Affluent clients need to incorporate flexibility into their current plans while taking advantage of favorable planning opportunities.
The current estate tax outlook substantially changes estate taxation every year for the next three years. As stipulated in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), the maximum federal estate, gift, and generation-skipping transfer (GST) tax rate in 2009 is 45 percent, the estate and GST tax exemptions are $3.5 million, and the gift tax exemption is $1 million. In 2010, EGTRRA repeals both the federal estate and GST tax and the rules that affect inherited assets.
Estate planning laws are complicated and will only increase in complexity. In order to fully and properly protect your assets and to minimize the influence of taxes, contact Joe Gonzalez, PA.
Trusts—taking control of your assets
A form of asset protection, trusts and estate planning allow you to guard your wealth and property and control asset distribution after a period of time or after your death. Wills and pre-nuptial agreements can easily undergo turmoil and even nullification in the probate process. Trusts are more dependable avenues through which you can direct your assets.
There are many kinds of trusts available to Florida residents and businesses:
- Revocable living trusts
- Irrevocable trusts
- Grantor Retained Annuity Trust
- Charitable trust
- Qualified Personal Residence Trust
Trusts can direct your wealth after your death, protect your assets from creditors, and control the use of your assets by your beneficiaries. Joe Gonzalez, PA can advise you on which type of trust is right for you.
Wills
Wills are documents that formalize your intentions of how to transfer property to your beneficiaries upon your death. A will almost always goes through probate, the legal process by which your estate is distributed. During this process, each aspect of your will is examined. Any error, however minor, can jeopardize the validity of your will. If your will is nullified, your estate is divided among your loved ones not according to you wishes, but according to the probate courts' judgment. Joe Gonzalez, experienced estate planning attorney, can help you review your will and ensure that your assets are properly allocated and that your will remains valid.
Probate
Probate court supervises estate administration and the probate process facilitates the distribution of any property owned by a person at the time of death. Probating a will is the process by which an estate executor shows the court that the decedent (the person who died) followed all legal formalities in drafting his or her will. It is possible to avoid the probate process completely—by instituting joint ownership with the right of survivorship, gifts, and revocable or living trusts.
The probate system exists for the protection of all the parties involved. However, the more complex and sizable the estate, the longer and more time-consuming this process can be. Joe Gonzalez ensures that your rights and intentions are heard in probate court.
Guard your assets. Save money. Call the firm.
Tampa law firm Joe Gonzalez, PA represents individuals and businesses in financial and tax matters, including trusts and estate planning. Serving the state of Florida, Mr. Gonzalez can help clients in English and Spanish. For more information on how Joe Gonzalez, PA can protect your assets, call the firm at 813-418-7382 or contact the office online to schedule a free initial consultation.
