Leading Estate Planning Lawyer Doug Newborn founder of Doug Newborn Law Firm, PLLC, in Tucson, AZ explains how a trust can ensure assets are managed according to one's wishes, facilitating a smoother and more efficient transfer of wealth. For more information please visit https://dougnewbornlawfirm.com
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High net-worth individuals are no strangers to financial success and security. However, failing to establish a trust could leave them severely exposed, Estate Planning Attorney Doug Newborn advised this week.
For more information please visit https://dougnewbornlawfirm.com
The founder of Doug Newborn Law Firm, PLLC, in Tucson, AZ, laid out the adverse effects of such individuals failing to preserve their wealth and legacy for their families.
"The downsides of neglecting to establish a trust as part of an estate planning strategy can mean that the distribution of assets becomes a matter of public record during the probate process, potentially compromising the privacy that high net worth individuals and their families crave," he said.
Another drawback of not having a trust in place could be a more costly and time-consuming probate process, thus eroding a significant portion of the estate's value in legal fees, court costs, and other expenses.
He also pointed out the potential for increased tax liabilities, such as higher estate and inheritance taxes, due to a lack of trust planning, further diminishing the wealth intended for heirs and beneficiaries.
Families of high net-worth relatives could also be subject to a lack of control over the distribution of assets to heirs in the manner they were intended. "Lacking a trust or any estate planning could also be a hotbed of potential family disputes over who should get what and how much.”
Newborn added: "If disputes pose a risk for extra stress and dividing the family, then creditors will add a new layer of complexity and pressure. Assets distributed through probate can be vulnerable to claims from creditors, potentially reducing the inheritance left for beneficiaries," he advised.
He urged high net-worth individuals to at least consider guidance from an estate planning attorney as a trust can facilitate a smoother and more efficient transfer of wealth, ensuring that assets are managed according to that person's wishes.
With trusts being a fundamental part of an estate planning strategy, they can offer a range of benefits. Trusts allow for private asset distribution, shielding financial details from public scrutiny, and enable the individual to specify how assets should be managed and distributed, ensuring their intentions are carried out.
He added: "Trusts can help reduce tax liabilities and maximize the wealth passed on to heirs and beneficiaries, while they can also help bypass the probate process, saving time and money. Trusts can also better protect assets from creditors and potential claims."
Newborn concluded that trusts and estate planning often go far beyond preserving a person's wealth. “They are pivotal in securing their legacy, aligning financial goals with the family's future, and mitigating potential conflicts and risks.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Doug Newborn
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Organization: Doug Newborn Law Firm, PLLC
Address: 7315 N Oracle Rd Suite 230, Tucson, AZ 85704, United States
Phone: 520-636-1152
Website: https://dougnewbornlawfirm.com
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