You work hard to grow your assets and leave a financial legacy for your family and other heirs. When you have a sizeable nest egg that you want to ensure will be around after you are gone to provide financial support for beneficiaries, then you should look into the many estate planning tools allowed in Florida. They can help to protect financial and other assets and even give you some retirement income.
Protective trusts at death
A protective trust can control financial and valuable assets while designating one or more beneficiaries. The trust could give legal control to an independent trustee who would ensure distributions are made in a timely manner to one or more beneficiaries. The trustee also can provide emergency access to help pay for medical bills and other emergency costs that might arise over time. Meanwhile, the assets enjoy protection against taxation and creditor claims.
An annuity transfer can secure financial assets and even provide regular dividend or other income distributions to policyholders or designated beneficiaries over time. Eventually, the annuity matures and provides a financial benefit the designated beneficiary. In the meantime, it reduces the policyholder’s potential tax burden on those assets and protects them against creditors.
Assets transfers to an LLC or LLP
A legal entity like a limited liability corporation (LLC) or a limited liability partnership (LLP) can take ownership of assets and protect them against creditors and personal taxes or business taxes. The assets become the legal property of the LLC or the LLP, which ensures they are not at-risk if you wind up on the losing end of a lawsuit or other creditor claims against your estate. You also could maintain a measure of personal control over those same assets as a designated owner of the LLC or a partner in the LLP.
Explore Florida estate planning options
Estate planning tools can help you to protect your home, business, and financial assets to ensure a legacy for your children and other heirs. A licensed and skilled estate planning lawyer in Panama City can help you to understand your options for estate protection.