Wyomissing, PA -- (SBWIRE) -- 12/30/2019 -- As a trusted team of estate planning and wealth management lawyers servicing Reading, PA, residents, Kozloff Stoudt knows there are a variety of reasons why people create plans for their estate in the event of their death.
One of the main concerns is a probate, which is the process of valuing a deceased person's assets, paying off their bills and taxes, and distributing the remainder of their wealth to the designated beneficiaries. With this procedure comes litigation and administrative fees for executives and advisors that work on behalf of the estate. Estate planning titles property beforehand, eliminating the need for probate to move ownership after death.
Proper estate planning can also help reduce state or federal taxes that need to be paid. For example, married couples may not have to pay any estate taxes by including A-B Trusts in their will or setting up revocable living trusts. Those with a large estate can also invest in a life insurance policy to foot the bill after they have passed. An estate plan can help protect particular beneficiaries as well. Planners can make arrangements to help young children with health problems or protect a beneficiary from an overbearing spouse they suspect might take the inheritance in a divorce.
Asset protection trusts are an effective method of shielding one's wealth against lawsuits and claims from creditors. An estate planning professional can assess risks, assets, and financial goals, and then help establish structures like trusts and companies to put up legal barriers between the debtor and their creditors.
For more information on Kozloff Stoudt's wealth management lawyers in Wyomissing and the surrounding areas, visit them online at https://www.kozloffstoudt.com/ or call 610-370-6700.
About Kozloff Stoudt Attorneys
The Law Offices of Kozloff Stoudt Attorneys formed in 2000, following the merger of two historically respected and prominent Berks County law firms. The firm is located in the Spring Ridge area of Wyomissing, Berks County, the professional and commercial hub of the Reading area. For decades, the lawyers of Kozloff Stoudt Attorneys have advised and represented individuals, businesses, school districts and municipalities in most aspects of civil law.
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