Trusts are an excellent estate planning tool for individuals and come in two basic types - revocable and irrevocable. Revocable trusts can be changed during your life and are often called Loving, Living, Trust A/B, or Marital Deduction Trusts. Most clients use a revocable trust, done in conjunction with a Will.
Irrevocable trusts are permanent and can not be changed - but have some special tax advantages.
We can customize trusts in many ways like: to protect minor children; provide for a spouse or a disabled child; to provide incentives to graduate from college; or to accumulate income instead of distributing it.
In both cases, you need to select a Trustee, and a Successor Trustee. Eg. Spouse, then financially sophisticated child, friend, or financial institution.
Congress has increased the size of estates which pass tax free and thus reduced the need for trusts under say $1.5 million in assets. What Congress gives though, they can take away so keeping your Will and Trust up to date is crucial!
This is an area where we need to talk and prepare a specific quote for specific services. Remember I do not charge for an initial consultation.
Trusts