It is a common misconception that only the super-wealthy need careful estate planning assistance. The truth is that anyone running or building a business, anyone whose family will need their care after their passing, and anyone who wants to build a legacy that truly lasts should consult with an attorney.

And should do so sooner rather than later.

Estate planning and asset planning, after all, is far more about anticipating situations that have not yet arisen, than dealing with those that have already befallen. Especially when it comes to tax-optimization and minimization.

Tax-Focused Estate Planning?

Everyone needs some degree of estate planning. It is needed to make sure your legacy is safe after you die, that those you care for will recieve their part of what you’ve built up…and that it will be protected from those you know will misuse or abuse it.

Fewer people realize that estate planning can also protect those same assets, wealth, and properties from a fate nearly as inevitable as death: taxes.

And yet, taxes represent a very real threat to both the integrity of an estate and the lives and finances of those you leave assets to. While smaller estates may be exempt from federal estate or inheritance taxes (for now), beneficiaries are not. Your estate plan needs to take into account everything from the property taxes your loved ones may now need to deal with to the capital gains taxes, which could accrue over time.

If estate planning helps shield your assets from taxes when you pass away, asset protection is about shielding your wealth from taxes as well as other threats well before that. How you organize your assets has a significant impact on the amount that will lbe lost throughout your life to taxes and those who would seek to separate you from your hard earned money.

Few Washoe County residents realise the power of asset protection for minimizing the amount they lose to taxes year after year, and those who do rarely have the knowledge and understanding of either the legal or financial field needed to now how to actually protect their assets.

After all, both asset protection and estate planning, when performed at the level of rigor and detail required for significant tax reduction or avoidance, are art forms in and of themselves. Both call on a number of different and highly customizable tools, especially trusts, to accomplish their objectives.

When Should I Contact A Lawyer About Protecting My Assets Or Estate From Taxes?

Contact Kent P Woods to begin long term estate planning and asset protection measures to diminish your taxes losses and safeguard your Washoe County legacy.

If you have ever had to ask yourself how you will be able to protect yourself from those who would seize your property, assets or wealth, then it is already time to talk to a Washoe County attorney about asset protection and estate planning.

Fortunately it is also never too early to begin the estate planning process. Work you do to today with an experienced attorney will save you considerably more in the future, while also preventing your estate from being siphoned away by taxes or drained by incompetence after your passing.

It can, however, be too late to do either. If the IRS is breathing down your neck about back taxes or you have already passed on, there is little an attorney can do except to ease the process and minimize damage.

But if you call Kent P Woods now at (702) 703-1540, while there is still time for both estate planning and asset protection, you’ll be looking at a future free from excessive taxation, and so will your children and their children.