In Missouri, estate owners create plans for the distribution of their wealth. The plans provide asset protection and lower the risk of seizure through the probate process. They also identify the rightful owner of any real property after the estate owner dies.
Setting up an Irrevocable Trust
An irrevocable trust provides an opportunity to transfer key assets out of the estate. This could include monetary assets, heirlooms, and real estate. The estate owner has full control over the assets even though they aren’t considered a part of the estate after the transfer. The estate owner identifies a new owner for the trust in their will.
Why are Trust Funds Set Up?
Trust funds are set up to provide financial support for family members. They are used to provide funds for a college education and to support a minor in the event their parents die. The estate owner can transfer any value into the trust at any time. They maintain full control over the trust fund. They set up provisions for when the beneficiary receives the funds.
Transferring Ownership Earlier
An early transfer of ownership protects the property from probate. It also prevents nursing homes from seizing the property as payment. Once the property is removed from the estate, it is secured, and the owner doesn’t have to worry about a loss. The asset is transferred to the new owner quickly without inheritance tax requirements.
Health Care Plans and Proxies
Health care plans are set up in the event that the estate owner cannot make decisions for themselves. The plans dictate what doctor provides care. They also identify a health care proxy to make decisions for them about medical care.
In Missouri, estate owners start the planning process to protect their assets. The plans prevent the family from losing assets when the owner dies. They also present financial options for the family that continues financial support. They include trust funds and savings accounts. Estate owners who need to discuss a plan with Estate Planning Attorneys in O’Fallon Missouri contact Estate Planning Niedner Law today.
