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Why a Trust?

*The information on this page is for educational and information purposes only and is not legal advice or a legal opinion.

A trust is a written instrument prepared by a grantor that conveys the grantor's property to a third-party, a trustee, to hold for the benefit of the grantor's designated beneficiaries. There are two categories of trusts, irrevocable and revocable. The difference is in the name; one can be changed once implemented, one cannot. Within each trust category exist multiple types used for different estate planning or asset protection purposes.

 

Revocable trusts can be very beneficial for people with children under the age of 21 and persons looking after an individual with special needs because one can control how and when their assets pass to their minor children or family members requiring additional care. Another benefit of a revocable trust is that it avoids having your heirs  open probate in every state where you hold real property, which is required if the property is not in trust. It is important to note that revocable trusts do not protect assets from creditors or lawsuits, nor from the estate tax and the IRS.

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Irrevocable trusts can be beneficial for those with significant lawsuit liability (doctors, lawyers, general contractors, engineers, other professionals carrying liability insurance), those with estates over $5 million, those with life insurance benefits in the millions, or those with blended families so that all heirs (now beneficiaries) are ensured their intended share. These trusts do protect assets from creditors, lawsuits, and the estate tax as long as they are properly set up.

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Would a trust be beneficial for you and your situation? It completely depends! Reach out and let's discuss.

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