We can help establish the trust or trusts most appropriate to your objectives, including tax minimization, probate avoidance, creditor protection, Medicaid eligibility and business succession.
A revocable trust, or “living trust,” allows you to add or subtract assets and trust terms as circumstances change over the years. We will assist you to fund the revocable trust while you are still living, and we also ensure that any remaining assets you own in your name will “pour over” into the trust upon death. The trust serves the same purpose as a will regarding distribution of assets to your designated beneficiaries, without the time delays, expense and publicity of probate proceedings.
An irrevocable trust may be desirable to those with larger estates. With the irrevocable trust, assets are set aside for specific beneficiaries and are not accessible to you once contributed. An irrevocable trust offers the opportunity to take advantage of lifetime gifting while further reducing the size of your taxable estate and provide creditor protection for beneficiaries.
There are many other types of trusts, which may be beneficial to you. Contact us and we can explain all the types and applications of a trust, including: Irrevocable life insurance trusts; Intentionally defective irrevocable grantor trusts; Realty trusts (nominee trust); and Special needs trusts.