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| How To Avoid Probate Cost... |
| Death & Inheritance Taxes! |
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| There are three things wrong with probate! First, it costs too much. For handling the $38,000 estate of a Cincinnati school teacher, a lawyer charged $8,625. Only $3,700 remained of a Chicago man's $12,000 estate after the bills of several attorneys were paid. Legal costs in a few cases have amounted to $1,000 an hour. An estate is considered to be the total value of the estate and not just the equity. Fees are calculated on the gross value without deductions for liens or encumbrances. Therefore, if you have property worth $150,000 but owe $120,000 to a bank or some other institution, your probate fees will be based on the $150,000, not the actual $30,000 equity you acturally own. This method unfairly increases the size of your estate and results in the payment of larger fees. Second, it takes too long. On the average, it takes two to five years to settle an estate. And during that time, a widow or a widower can receive an allowance from the probate court but this meager amount usually is not enough to live on. In Dallas, Texas, Billie Goff, sole heir to the $428,609 estate of her stepfather, had to apply for welfare because she could not obtain any money from his estate which had been in probate for several years. Third, is the unwanted publicity it creates. Everything in probate court is a matter of public record and, unfortunately, there are individuals who go from probate court to probate court compiling lists which are then sold to unscrupulous people who prey on beneficiaries and try to seperate them from their inheritance. There are two types of death taxes: The Federal Estate Tax. The State Inheritance Tax. The Federal Estate Tax levies a tax on an individual's right to give property upon his/her death. The Inheritance Tax on the other hand, taxes one's right to receive property given to him by a decedent. In other words, you are taxed on both the giving and the receiving. The law has provided everyone with a magic key to probate exemption: it's called OFFSHORE. By having your assets owned offshore you can pass on your estate to your spouse or children or other heirs in entirety, without delay, and without the lawyers, administrators, courts or the appraisers skimming off the top. You can also avoid all the inheritance taxes. CONSERVATORSHIP Up to this point, we have talked of the problems which occur after death. However, there are major problems during life as well. For example, if there is a disabling injury, senility or a temporary stroke during life which makes it impossible for you to manage your affairs, you will have to apply to the state superior court to have a conservator appointed. It is an expensive, time consuming and humiliating affair. All assets during the period of the conservatorship must be segregated with strict annual accounting required by state law. Fortunately, offshore structuring avoids all the problems inherent in a conservatorship proceeding. In fact, the entire conservatorship process is avoided in the same way that probate is avoided. Be sure and read our asset report. You get all the financial vehicles and planning you need to protect your family simply by becoming a consultant member with Overseas Business Consultants. To do so send your name and message "I want to be a consultant" to me right now. You can do so by clicking on Contact at the side of this page. |
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