Trusts
Trusts are used broadly within the field of estate planning in order to accomplish various client goals and objectives.
A revocable living trust is often used as a substitute for a will in order to manage assets during periods of disability or incapacity and to distribute assets at death.
Unlike a will, a revocable living trust can be utilized to avoid the need to go through the court process known as probate and, correlatively, will reduce the time necessary to distribute the assets upon the death of the maker of the trust, while at the same time providing financial privacy.
Irrevocable trusts can be established for various purposes, not the least of which is to remove the assets from the maker's estate for estate tax purposes.
There are other specialized trusts, such as special needs trusts, which are designed to protect developmentally disabled beneficiaries and others during their lifetimes.
IRA retirement (legacy) trusts can be used not only to provide asset protection for the beneficiaries of an individual with a large IRA or Roth IRA (protection from creditors and divorcing spouses of the beneficiaries) but can also be utilized to force the "stretch out" of the required minimum distributions of a beneficiary.
In addition, there is a broad spectrum of charitable trusts which can be established for obvious purposes as well as to achieve other objectives.
Even the best drafted trust documents for a client can not function properly without the correct funding and follow up management when the time arises. You and your attorney must establish the best plan for your wealth structure, particularly in protection from estate taxes and probate court procedures, as well as ensuring the smooth succession and preservation of your assets. All of this planning needs to be carried through in a timely fashion while being mindful of your family members, your original goals as the trust settlor (maker), and the environment in which this trust is designed to function.
Having your estate attorney advise the trustee(s) of the opportunities your trust can offer can ensure that your goals and aspirations for your loved ones will be kept in place for specific purposes, and possibly for generations to come.
