Estate planning is an important thing common with wealthy people. The reason why many wealthy families have held on their wealth for decades is that their patriarchs and matriarchs planned their wealth carefully. For example, the Rockefeller Foundation is still going strong, more than 100 years after the original Rockefeller died. It is also the reason why we don’t hear a lot of conflicts long after wealthy people have passed. In this report, we will look at the various benefits of hiring a good trust attorney like the PageCorp Group.
Tax Advisory
Taxes are very important when you are alive and when you are dead also. In general, we all try to pay less taxes in everything we do. This is partly because we want to own most of what we work for. We also distrust how the government uses our tax dollars. Many countries have put in place a tax on wealth that is passed from a generation to generation. In Japan, the estate tax can reach 50% of a person’s wealth. The same is true in many other countries. However, there are other small countries that don’t have an estate tax. Cyprus is a good example. A good attorney can advise you on how to avoid paying this tax by doing what is known as redomiciling.
Last Will and Testament
To many people, estate planning is synonymous with the last will and testament. However, there is more to it than meets the eye. A good Cyprus lawyer will help you come up with a good will. For starters, the lawyer will help you write it from scratch. They will also help you know what you should include in the will. Also, they will help you commission the will. By so doing, the lawyers will help you avoid a situation where your will is contested after you pass on.
Trust Formation
Another important job for a trust attorney is to help you register and run your trust. A trust is like a foundation that manages your fund when you are alive or when you are gone. For example, if you have a lot of money, you can create a trust that will help you manage the fund. Alternatively, you can create a trust that will provide donations to organizations. Another way is when you decide to move to public service. In some countries, you are required to form a blind trust to remove the appearance of conflict of interest in your public service.
Estate Administration
Another reason why a trust attorney is important is to ensure that the estate is administered well. For example, the lawyer can be tasked with looking at the company’s books to ensure that the managers don’t take a lot of debt. The lawyer can be tasked with signing all debt-related documents before the company takes a debt. They can also be required to sign before a company sell or takes a company private.
Summary
As an entrepreneur, hiring a good trust attorney can seem counterintuitive. In fact, many people still don’t have an attorney in place. However, my experience show that people who plan their estates well leave a better legacy.
