Estate Planning
Trusts
Introduction
Trusting Trusts
Trusts are legal arrangements where one party, known as the trustee, holds and manages assets on behalf of another party, known as the beneficiary. The creator of the trust is known as the grantor or settlor.
Trusts can be customized and tailored in a variety of ways to meet your specific goals.This could include managing and protecting assets, minimizing tax liabilities, and ensuring a smooth transfer of wealth.
They provide a great deal of flexibility and control over asset distribution and can help avoid a lengthy and expensive probate process.
Overview
Key Elements of a Trust
Types of Trusts
- Revocable Trust: Also known as a living trust, this type can be altered or revoked by the grantor during their lifetime. It offers flexibility and can help avoid probate.
- Irrevocable Trust: Once established, this type cannot be altered or revoked by the grantor. It provides strong asset protection and tax benefits.
- Testamentary Trust: Created through a will and only takes effect upon the grantor's death.
- Special Needs Trust: Established to benefit a charitable organization or purpose, providing tax benefits to the grantor.
- Charitable Trust: Created through a will and only takes effect upon the grantor's death.
Benefits of Trusts
- Asset Protection: Trusts can shield assets from creditors and legal claims.
- Tax Efficiency: Properly structured trusts can reduce estate and inheritance taxes.
- Control: Trusts allow the grantor to specify how and when beneficiaries receive assets.
- Privacy: Unlike wills, trusts are not subject to public probate proceedings,
- Avoiding Probate: Trusts can help bypass the lengthy and costly probate process, enabling a smoother transfer of assets to beneficiaries.
How It Works
Establishing a trust is usually much quicker and more straightforward than you might think.
The process includes the following:
- Schedule a free consultation
- Fill out our comprehensive form, which will provide the details associated with your estate
- Share with us your estate planning goals
- We will then create draft documents and schedule a time to review and discuss them in detail with you
- Based on our disucssions, we will make any necessary updates and provide a final copy for notarization.
- You can then execute your documents with a Notary Public.
- Our office will then assist in transferring any assets or real estate into the trust.
Get Started Now
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