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Establishing A Trust

Estate Planning Services – Establishing A Trust

What Is A Trust?

A trust is a legal arrangement in which one party, the grantor, transfers assets to another party, the trustee, who manages those assets for the benefit of a third party, the beneficiary.

Why would you need a trust?

Establishing a trust can be useful when estate planning, for asset protection, for charitable giving, and more. A trust provides a flexible and efficient way to manage and distribute assets while allowing for specific instructions and conditions set by the grantor. Here are some reasons having a trust can be beneficial:

  • Avoiding probate – a revocable living trust can help assets pass directly to beneficiaries, saving time, money, and providing more privacy for your family.
  • Controling distribution – the grantor gets to control how and when assets are distributed to beneficiaries. Control without ownership also allows for protection from divorce, creditors, certain taxes, and more. A skilled estate planning attorney can walk you through best practices and good strategies for asset protection trusts can provide.
  • Tax planning – certain trusts are designed to take advantage of tax benefits and can reduce income taxes, gift taxes, estate taxes and more.
  • Asset preservation – a trust again gives the grantor control so can designate a trustee to manage and distribute assets on behalf of minor children until they reach a certain age, ensuring their financial well-being. They also can allow for preservation of family wealth over generations, protecting aganist the dissipation of assets.

These are just a few of many reasons establishing a trust can be a beneficial route in your estate planning needs. If you have a complex estate, blended family, businesses, desire for charitable giving after your passing, or even simply have privacy concerns (a trust, unlike a will that is a public document, provides a higher level of privacy and terms are not publically disclosed), then a trust could be a good solution for you.

Contact Carmen today for a consultation on your estate planning service needs and get started on your trust today.

Living trusts and estate planning document on a desk

Types of Trusts

There are many types of trusts used in estate planning. Each serves a specific purpose to meet particular needs. Here are some common types of trusts: 

  • Revocable Living Trust
  • Irrevocable Trust
  • Testamentary Trust
  • Charitable Remainder Trust
  • Charitable Lead Trust
  • Special Needs Trust
  • Bypass Trust
  • Qualified Personal Residence Trust
  • Grantor Retained Annuity Trust
  • Dynasty Trust

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Contact Liriano Law Firm with any questions you may have. We are ready to fight for you.

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