If you have been thinking about getting a living trust in Honolulu, Hawaii, know it is one of the easiest and cheapest ways you can protect your legacy and those you are about. When you have this done, you will be informed in the process, and have comfort in knowing your heirs and beneficiaries will have the best protecting in receiving your beqeusts. A couple of those common benefits are: .
Capital GainsTax Reduction
One of the best things about having a estate planning lawyer in Hawaii prepare a living trust for you is that it will likely help to reduce taxes. Currently, when you bequest assets upon passing, your beneficiaries don’t pay a capital gains tax. This means that is you purchased the property years ago, and the asset has appreciated in value over the years, your beneficiaries get a “step up basis” for the purposes of capital gains tax assessment. When they eventually sell the asset, whether it be a house, or an investment account, they would only pay capital gains tax on any appreciation since the time of your death until the date of sale.
Greater control
As second common benefit of having a living trust is that it provides greater control over how your assets are distributed after your death. When you create a living trust, you can put instructions for how these assets will be handled and distributed if anything happens to you. You can also name an agent who will manage these assets on your behalf throughout your life so should you become incapacitated, or just don’t wish to manage your assets any longer, there is a smooth transition of administration. This frequently makes it much easier for you, and other family members who may not have the time or resources to take on this responsibility.
Takeaway
Estate Planning can be complex, but less so when you work with counsel dedicated to make the process simple for you. The advantages are many, and varied, depending on your needs and your assets. Whether Legacy or Business Planning, Contact CASHMAN LAW today for a free consultation to get the Plan You Deserve.™ You can reach us at 808-460-0436 or 650-319-6801, or schedule an appointment directly at this Link.
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