Transfer of Assets in Miami
Transfer of Assets in Miami to a Minor
In a number of situations, it makes perfect sense for a parent to begin transferring their wealth to their children before the end of their life. Some parents choose to begin doing this before their children even reach maturity.
These scenarios provide two primary advantages. The first is savings on estate taxes. When an individual transfers assets, the court does not include them in their estate for federal estate taxes when they die. However, no appreciative value of the assets is not included as well.
The second present advantage to the transfer of assets in Miami to the next generation is a nontax advantage that secures the inheritance while safeguarding resources they can use for any present needs. This might include healthcare or education. The transferring individual regains control concerning amount and purpose distribution.
Understanding Transfer of Assets in Miami to a Trust
A trust may serve as a flexible alternative that ensures assets get passed on to the people or causes the deceased individual cares for. For a number of Americans, trusts represent a way to ensure that their finances remain well-managed after they pass away.
Trusts provide individuals with flexibility in both tax and estate planning. Furthermore, they divide ownership of an asset or assets into legal ownership, as well as beneficial ownership.
The intention behind funding a trust is holding property to benefit someone other than the individual that placed property into the trust. The individual investing in the trust is called a settlor. When they invest in the trust, this is called settling a trust.
Transfer of Assets in Miami Legalities
Transfer of assets is very simple to understand conceptually. However, the situation may provide difficult in actual practice. The process is basically transferring an asset of value to another individual, trust, place, or situation.
Florida law enables and enforces the ability for an individual to transfer assets to anyone they wish, for whatever reason. Nonetheless, the most common transfer forms involve the transfer of assets in Miami to wills and trusts, or as gifts to loved ones and family members.
During any estate planning process, it is extremely important to determine how assets get divided upon an individual’s death. Without properly outlining posthumous wishes, there is no guarantee of a court system carrying out an individual’s best wishes.
A number of assets automatically pass to someone else as a matter of law when someone dies. This might include life insurance, annuities, as well as retirement benefits. In a similar fashion, assets held jointly with another individual automatically transfer to that individual whet the decedent passes away.
Avoiding Probate with Transfer of Assets in Miami
The probate process is often an arduous and costly one. Sometimes these situations take years to resolve before finally reaching their conclusion. The long the probate process takes, the most it costs potential heirs. For this reason, most people attempt to avoid probate when at all possible.
Transfer of assets in Miami outside of the probate process is an ideal alternative to save an estate significant time and expense. However, it can also help loved one avoid years of unwanted and unneeded hassle.
It is entirely (and legally) possible to avoid probate by utilizing carefully planned out asset transfers. Drafting and implementing a final will and testament is an easy way to facilitate the transfer of assets in Miami. Unfortunately, a will does not bypass the probate procedure.
When an individual dies without this document, the court submits the estate to their disposition regarding assets at the time of an individual’s death. The probate process involves taking inventory and a thorough assessment value on all property, locating and identifying heirs, settling outstanding debts, filing tax returns, distribution of all the remaining property.
In most scenarios, the probate process represents something that inheritors would prefer to avoid. Not only due to it resulting in decreasing inheritance but also because of the trials and tribulations, it imparts.
Transfer of assets in Miami to a living trust or another individual enables individuals to ensure that their assets remain secure, as well as end up where they want in the event of their death.
Transfer of Assets in Miami Legal Attorneys from SchRamras & Diaz Family Law
Asset transfer represents a convoluted area of law. In these situations, individuals need the assistance of a qualified attorney. Regardless if an individual has recently passed away, or simply needs assistance planning for the inevitable future, SchRamras & Diaz Family Law can help.
Our firm is a notable resource for individuals in the South Florida community. Our attorneys dedicate their careers towards representing clients in asset transfer issues. This includes and extends to drafting last wills and testaments, as well as estate planning
We recommend that any individual seeks to transfer their assets to more secure alternatives. They should do this when planning for their estate after death. This may take the form of a living trust, will, or another individual. By planning for this future, they can ensure that the court disperses their estate to the intended parties without significant difficulty.
For more information on SchRamras & Diaz Family Law, as well as how our attorneys can help you with a transfer of assets in Miami legal issue, contact our caring and concerned lawyers today. We want to help you secure your assets while you plan for an optimal outcome for your estate in the future.