Estate Planning:
Trusts
Setting up a trust is not difficult when you discuss your goals with our knowledgeable estate planning attorneys.
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PROTECTING YOUR ASSETS
Trusts can offer unique protection for your assets, most notably those belongings you would like to pass on to your loved ones. You can design your trust to shelter your resources from probate court costs, creditors, and complicated legal processes. However, trusts are not just valued because they allow you to take broad control over your assets after your passing. They can also be specifically designed to protect your assets for your use during your day-to-day life or if for any reason you become incapacitated.
Unlike your last will and testament, which is without any real legal effect until after your death, your trust can be structured to protect and manage your resources during your lifetime – for example, in managing your taxes, planning for retirement, and more. While many people believe trusts are for the wealthy and for managing large fortunes, this is a misconception.
One of the greatest benefits of preserving your assets in a trust is that your trust allows you to be detail specific with your various estate planning goals, no matter how big or small. You can design a trust to protect something as simple as a pet goldfish to something as broad as a family business.
Life Happens
Some of our clients have asked us to design their trust to preserve their assets for a distribution to charity. Other clients have used their trusts to specify how and to whom they would like their property transferred. We’ve also had clients who requested for their trusts to outline to whom they wish to pass on their pets and money to be used for their care. When it comes to your trust, you decide the “who, what, when, and how” for your belongings and you can be as simple or complex with your wishes as you would like to be.
We understand the need to care for your family by taking care of their needs. When you establish a trust with specific conditions regarding when and how your assets are distributed, your wishes are honored even after you are gone. You name the person who manages your assets (called a “trustee”), and your trust keeps protecting your family for as long as it exists. Your trustee has a responsibility to preserve and manage your trust assets and distribute them in accordance with the wishes outlined in your specific document.
When Does a Trust Protect Me?
A trust provides more for you and your family by shielding your assets in various circumstances, including:
- If you want to shield assets from potential future liability for nursing home care or other debt
- If you are concerned about passing your resources on to someone who may be inclined to overspend or mismanage their bequest
- If you wish to preserve your assets for family members struggling with addiction or who may be otherwise incapacitated and you want to specify how and when they are able to access those funds with a trustee to manage those disbursements
- If you are concerned about your loved ones having access to specific assets immediately after your passing and you would like to avoid the time, stress, and expenses associated with going through probate court or other complicated legal processes
- If you are concerned that some members of your family may initiate arguments about inheritance and prolong distribution of your assets pending resolution of those conflicts
- If you would like to protect your assets from being subject to estate tax
- If you would like to transfer resources to your children or grandchildren while avoiding the tax on gifts that exceed the annual gift tax exclusion
- If you are concerned about the distribution of your individual, premarital assets in the event of a divorce
- If you would like to shelter your resources for use and management for you in the case that you require long-term care
Whatever your estate planning goals are, you can use your trust to be detailed and precise about your wishes.
We Can Help
Our experienced estate planning attorneys will work closely with you to develop your trust to account for your unique estate planning goals.
Are you concerned about Medicaid eligibility? Consider executing an irrevocable trust to ensure you receive care whether at home or in an assisted living facility.
Do you worry about accessing assets in a trust? Generally, handling assets in a trust is similar to doing business in the name of a company. A revocable trust allows you to make changes as life changes happen, and you can retain more day-to-day control over your trust assets for as long as you specify.
Whatever your wishes are for your trust assets, we will help you break down and identify the various ways in which your trust can serve you both during and after your life.
Setting up a trust is not difficult when you discuss your goals with our knowledgeable estate planning attorneys. We know what questions to ask in order to understand your expectations for your document. Once we’ve discussed various options and outlined how you would like your trust structured, we work with you to establish and execute your trust.
We will also help you understand how to approach funding your trust and we will be available to assist you if you have difficulty transitioning various assets into your trust.
Contact Hopler, Wilms, & Hanna and find out how we can help you take control of your future and your assets today.
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