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One of the most significant assets in estate plans is property. An estate planning attorney can assist you in making sure that your home and other real estate is protected as much as possible from creditors and probate. Ways to Protect Real Estate Gifting your real estate to your heirs is one of the most effective ways of protecting it. You can achieve this through either gifting the property outright or holding it in a trust. These transactions have different tax implications according to the value of the property. So your property lawyers can help develop the correct strategy for you to minimize this impact. Trusts can be specifically developed with the aim of protecting your properties. This allows the owners of the property to transfer your property into an irrevocable trust. This type of trust allows you to avoid paying federal gift taxes and removes the real estate from the valuation of your estate for taxation purposes. It also allows you to decide on how the property is used after your passing. Another way to protect your real estate for your heirs is to transfer ownership of the property to your business. It implies you will still be able to benefit from the property during your lifetime, and upon your passing, personal creditors cannot seize the property to settle any debts. You may protect your home for your loved ones with the expert assistance of a leading Real Estate Lawyer in NJ. In addition, he/she can also assist you with all other aspects of your estate plan. Get in touch with a leading Estate Planning Law Firm for any help related to effective Estate Planning.
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