Assets and Ownership in Coral Gables

Issues regarding assets and ownership in Coral Gables will play an important role in estate planning. If you have accumulated significant wealth and assets, regardless of your age, you need to start planning how to safeguard your legacy and protect your intended beneficiaries.

Veliz & Associates, P.A. is familiar with Coral Gables and knows how to protect the personal and business interests of area residents. Our well-versed asset protection attorneys could help you select the right estate planning tools that fit your needs. We work closely with you to create and implement a strong plan that respects your wishes and protects your assets by ensuring a smooth transfer of ownership.

Who Should Focus on Asset Protection?

Setting up an estate plan now could help protect individuals and businesses from unforeseen circumstances, such as lawsuits, that could diminish an individual’s assets during their lifetime and impact their potential legacy after their death. Anyone considering their future would want to ensure they can smoothly transfer ownership of their assets to their heirs, while also minimizing the potential tax burden on the estate and their heirs.

Some of the people who could benefit significantly from proper asset protection planning include:

• People with higher net worth who might want to shield their assets from potential legal actions during their lifetime and pass those assets on to their loved ones after death
• Business owners who would want to shield their personal assets from creditors of their business

A Coral Gables team could meet with an individual and review their goals to better understand what strategies would best fit their needs for assets and ownership.

Ways to Transfer Ownership of Assets

Anyone who has worked hard during their lifetime and accumulated property and other assets deserves the chance to determine where those assets go. By creating a clear and comprehensive estate plan, people can take steps to protect their assets and ensure those assets are transferred to their preferred parties according to their wishes.

One of the most valuable estate planning tools that someone can use to safeguard their interests and accumulated assets is a trust. An individual in Coral Gables may transfer ownership of their assets and property to a trust, and appoint a trustee to manage and distribute the assets to the various beneficiaries. Trusts can serve many purposes, including the following:

• Minimizing estate taxes upon an individual’s death and avoiding the legal probate process
• Delineating exactly where assets would be distributed upon an individual’s death, potentially avoiding family disputes later
• Protecting an individual’s assets from lawsuits and creditors during their lifetime and after their death
• Setting up provisions for loved ones, particularly if they need special accommodations because they are children or have disabilities that could affect their ability to live by themselves or manage their own finances.

A knowledgeable legal team could explain how setting up a trust might be the right option for someone looking to preserve their asset ownership.

Meet With a Coral Gables Attorney Regarding Ownership of Assets

It may seem difficult to figure out complicated issues regarding assets and ownership in Coral Gables. Fortunately, we could offer insightful advice on how to set up an estate plan that ensures a seamless transition of ownership and protects your assets. Meet with Attorney Ana M. Veliz to learn how we could help you plan for the future.