Trusts Protect Assets
A trust is a separate legal entity, but unlike a corporation, it cannot hold title to your assets. For that reason, a trustee is appointed and your property is transferred to the trustee who holds title until the assets pass to your beneficiaries.
I am attorney Diane Kaer. For more than 35 years, I have helped clients understand how best to protect their assets. A trust can ensure that accumulated assets are used in the manner you desire. I can guide you through the process and explain how a trust can be of benefit to your estate planning portfolio.
More Than One Type Of Trust
There are a variety of trusts, including revocable trusts and irrevocable trusts. Some trusts avoid probate costs and procedures, and others defer taxes or hold assets that are not yet in existence, such as the proceeds of a life insurance policy.
Trusts can also protect assets from creditors and work to preserve assets for distribution to loved ones. If your estate is large enough that you will benefit from one or more trust, the types of trusts that may benefit you and your estate can be discussed in an estate planning conference. Though it does not have to be, a trust is most often made as a part of a will.
The purpose of a trust may be to provide for minor children, children with special needs or young adult children who are not experienced enough to know how to handle a sudden infusion of a large amount of money. A trust can be set up so that those receiving money from the trust receive it in increments instead of all at one time. Trusts range from the very simple to the very complex. Simple trusts are generally the least expensive to set up and can often be drafted for a client in a single visit.
Learn More About Trusts
Many people do not realize the benefits of a revocable, irrevocable trust or other type of trust. To find out which type of trust can best protect your assets, contact Kaer Law, P.C. I can help you understand your options and find the arrangement that is best for your particular situation.