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Protect your loved ones and your assets from potential disputes.Click Here
Many of the people who come to Herrig & Vogt, LLP for help with their estate planning are greatly concerned about protecting their assets when the time comes to pass on their possessions and wealth to their loved ones. This is true of our clients who have built up their estate to a considerable size, as well as those who have themselves inherited a fortune from their own parents. The desire to safeguard the value of the estate is at least as strong, or even more so, among those of average or modest means. These clients are anxious to ensure that they can leave as much as possible to their children and other loved ones, and want to do everything possible to protect their estates from the possibility of being consumed by court costs and taxes.
When you choose Herrig & Vogt, LLP, you will be working with a team of Roseville estate planning lawyers with over 20 years of experience. We have an exhaustive command of the various strategies that can be used to protect your assets during the process of probate or trust administration, and can put our skill and legal knowledge to work in crafting an estate plan that is individually tailored for your unique situation. You can also seek our help if a loved one has passed away and you now need guidance in navigating the process of transferring assets and to resolve claims against the estate. Our main goal is to ensure that you are able to keep as much of the wealth in the family as possible, and we are ready to get started on your case with a minimum of delay.
If you choose to use a will as the central component of your estate plan, we will work to draft the document in such a way to ensure that it is streamlined and will facilitate the fastest possible completion of the process. An advantage of using a will is that it allows you to settle the claims of any creditors with finality, since they will have only four months to pursue payment on debts after the executor of the estate has notified them of the probate. If they fail to file a claim within this four-month period, their right to pursue payment will be forfeited.
Perhaps the most powerful estate planning strategy for asset protection is to create a trust. Anything that you place in the trust will no longer be included in your estate; therefore, you can use a trust to remove the majority of your possessions and your wealth from the probate process. Another advantage of using a trust is that it will help you avoid the estate tax, because of course the assets in the trust are no longer legally in the name of your estate. This is especially important for those with larger estates, since the estate tax exemption is $5,450,000 for individuals who pass away in 2016. Anything exceeding this exemption will be counted as a taxable amount.
In addition to proactive estate planning measures to protect assets, we also serve clients who are serving as executors or administrators of estates and who are concerned with doing everything they can to preserve the value of the estate. One step that we can take is to assist you in claiming deductions to avoid paying the estate tax if you are administering an estate that is potentially taxable. The Internal Revenue Code provides several deductions that can be used to reduce the value of the gross estate for a minimal taxable estate. These include deductions on mortgage payments, charitable donations, legacies and gifts, and even the costs of estate administration. Our Roseville probate attorneys also represent estates in probate litigation, such as when a disgruntled family member or a creditor files a claim against the estate. Whenever possible, we seek to defeat such claims out of court, but do not hesitate to fight in order to achieve the best possible outcome.
To learn more about our services and begin working on a strategy, contact us by phone or online for a free case evaluation.
At our law firm, our legal team brings more than 100 years of combined experience to every case. Several of us our top-rated by peers for exceptional ethics and legal ability, known for delivering client-centered counsel for any legal issue. Discover how we can be of service in a no cost, no obligation case review.