As explained in last month's Blog, a well drafted and properly executed Will is an essential part of a good estate plan. Trusts also play a key role but these useful tools are often misunderstood. It is common for people to assume that trusts are only for the mega-wealthy or that trusts are much too complex to manage. However, adding a Trust to your plan is simple and can allow you to accomplish many goals, such as:
- Managing assets during your life and providing for incapacity;
- Avoiding the costs and delays of the probate process;
- Determining how, when and under what conditions your assets will be distributed to beneficiaries;
- Protecting beneficiaries' shares from potential ex-spouses, lawsuits, and bankruptcy;
- Providing for a a disabled beneficiary while protecting his or her eligibility for public benefits; and
- Reducing or eliminating federal estate taxes.
Plan ahead for the unexpected! Contact Loftus Law Offices, PLLC; we'll work with you to create a sound plan for your family's unique needs.
Check back in June for our Blog, "What Every Graduate Needs"