One of the biggest sources of confusion in estate planning is whether or not you need a trust. Often times people assume that trusts are for extremely wealthy people, but that is simply not the case. Trusts can be used for a variety of reasons, including financial planning for young children, those with special needs, bypassing probate, tax planning, and planning for certain medical diagnosis such as Alzheimer's.
A trust is a fiduciary relationship that allows for a trustee to hold assets, including property, for the benefit of a beneficiary or beneficiaries.
FAMILIES WITH YOUNG CHILDREN
Planning for the well-being of children under the age of 18 should always include what to do if one or both parents were to suddenly pass away. We can do this by naming a guardian and by that guardian or custodian with the authority to create a trust for the benefit of your children. That trust would include certain stipulations that you deem important in the way your children's finances are managed. This includes stipulations about education, buying a car, and at what age the children can receive the total amount left to them by you.
A diagnosis such as Alzheimer's can be very difficult to cope with, but we can at least help you with the management of your estate to ensure that you and your family can focus on your health. Depending on your situation, a trust may be helpful in organizing your assets and allowing a trustee to manage them for you long term, without having to resort to a guardian or other potentially costly, court mandated approach.
The tax code is ever changing, but currently individuals above a certain threshold may be leaving behind a substantial tax bill for their beneficiaries. We can help you minimize your tax burden so that more of your estate is left to your loved ones through the use of certain trusts.
The Law Office of Yuripzy Morgan can develop a plan for your specific situation, including the pros and cons of a trust for your situation. If that plan includes a trust, we will walk you through the process, including retitling assets and ensuring that the trust is fully funded.