Trusts

A properly created and funded trust can resolve many of the potential problems with the distribution of assets.

As with most things in life, the answer to this question is – “it depends”. The most commonly used trust is referred to as a “revocable living trust”. In order to analyze whether you need a trust, an estate planning attorney should ask you several important questions. A sampling of those questions are as follows:

• Do you want your minor children to potentially receive their inheritance when they turn eighteen years of age?
• Would you like to control the flow of money to your heirs instead of them receiving the funds in a lump sum all at once?
• Is one of your highest priorities avoiding probate?
• Do you have a blended family?
• Is there a potential that a creditor may seek to seize your assets or the assets inherited by your heirs?
• Do you have a charitable intention that you would like to see implemented when you pass away?
• Are you seeking to avoid federal estate taxes?
• Are you seeking to protect your assets from being used to pay for long term care?

A properly created and funded trust can resolve many of the potential problems with the distribution of assets.

There are many types of trust and reasons why you may want to consider a trust, so receiving guidance from an attorney is crucial.

Please contact the Hallett Legal Group to see if a Trust is the right estate planning tool for your family.