Legal Blog

Is Estate Asset Protection Necessary For Rhode Island Residents?

Understanding the Importance of Estate Asset Protection

Estate Asset Protection AttorneyIt does not matter what stage of life you are in, you need to be thinking about estate asset protection. The unexpected can strike at any time. And when life takes a turn to the left, you want to be sure that your estate is handled according to your wishes. Estate asset protection provides a welcome degree of confidence and clarity in a time of uncertainty. Read on to understand just how important this legal protection is for you and your family:

Protect Your Assets from the State

A common mistake that many people make is assuming that their will is equipped to cover all of their end of life wishes. A will is an important and powerful document, but it may not be capable of outlining your complete plans for the distribution of your assets.  And when there is confusion, the hard choices will be left up to the state.  Having an estate planning lawyer set up Estate asset protection is a way to ensure that the people you know and trust operate according to your exact instructions.

Distribute Your Estate Carefully

You have spent your whole life building your estate. Once you are gone, you will want it to be divided up according to your exact wishes, but that is not always easy to do. Business arrangements, previous marriages, feuding children and tax collectors can all make seemingly simple plans a lot more complicated. Comprehensive estate asset protection helps to smooth out all of these wrinkles. That way the people you want to enjoy the fruits of your assets get what rightfully belongs to them.

Lower Your Tax Burden

A transfer of an estate creates huge tax liabilities. And in the worst cases, the taxes owed can shrink the size and value of an estate in an instant. Ideally, you want your beneficiaries to pay the lowest amount of taxes allowable by law. But unless you have pursued estate asset protection in advance, this is almost impossible to do. By planning ahead, you can effectively avoid taxes and lower the ones you are required to pay. This leads to both cost savings and a lot of reduced complexity.

It is worth reiterating that there is never a bad time to get serious about estate asset protection. And in most cases the sooner you start thinking about it, the better equipped you are to distribute your assets according to your exact wishes. Start  protecting your estate by calling The Law Office of Jay Bianco at 401-206-0098 today.