When thinking of a trust, you may imagine the wealthiest of families with trust fund children. The truth, though, is that a trust is a terrific tool for estate planning. Here are some factors to consider to see if a trust will meet your needs.
— Do you have at least $100,000?
— Do you want to leave assets to your heirs, but not all at once? Many people want to give their children or grandchildren an inheritance, but have it go to them in parts when they meet certain conditions, such as finishing college.
— Do you want to keep estate taxes as low as possible?
— Do you have someone you want to leave an inheritance to but in such a way that it won’t interfere with his or her Medicaid or other type of government assistance?
— Do you want your spouse taken care of but the remainder of your assets to go to someone else after your spouse passes?
— Do you want to avoid probate?
— Do you want to keep creditors away from your assets?
As you can see, there are many things to consider when creating a trust. These estate planning tools are not just for the rich and famous; trusts can be a great way to ensure that your assets are divided and given to the people you want to receive them in accordance with your wishes.
Estate planning can sometimes be complex, so it’s important to have all of the paperwork completed correctly. An estate planning attorney can provide you with additional information.
Source: CNN, “Estate planning: Is a trust beneficial?,” accessed May. 08, 2015
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