Trusts
We understand the importance of creating a comprehensive estate plan that aligns with your needs and goals.
During the personalized estate planning consultation, careful evaluation of your circumstances will be conducted to determine if a trust is the right solution for you and your loved ones.
With expertise in trust planning, we’ll ensure that your assets are safeguarded and your wishes are carried out.
Types of Trusts
Trusts offer a range of benefits, including asset protection, control over distribution, and potential tax advantages.
- Revocable Living Trust: A trust that can be changed or revoked during the grantor’s lifetime but becomes irrevocable upon their death. It is often used in conjunction with a Pour-Over Will. Benefits include control over asset distribution to minor or adult children, avoiding probate in multiple jurisdictions, asset management by someone else, and business continuity.
- Irrevocable Living Trust: A trust that cannot be revised, amended, or revoked during the grantor’s lifetime. It offers asset protection from creditors and assists in qualifying for Medicaid after the five-year look-back period.
- Special Needs Trust: Often created for a person with disabilities to preserve their government benefits. There are two main types: Self-Settled Special Needs Trust funded with the beneficiary’s assets, and Third-Party Special Needs Trust funded with assets from someone else, often a parent.
Trust Administration
The Role of a Trustee: The trustee administers the trust according to its terms, federal law, and applicable state law. Their duties depend on the type of trust, assets involved, and beneficiary needs.
Common Trust Administration Duties:
- Understanding the trust terms
- Managing trust assets
- Regularly distributing funds to beneficiaries
- Approving or denying requests for funds
- Paying bills for beneficiaries
- Filing tax returns (if necessary)
- Maintaining records and providing statements to beneficiaries