Who needs a trust? Neither age nor the amount of assets you own should determine if you need a trust. If any of the following applies to your situation, you should seriously consider creating a trust to manage your assets during your lifetime and to distribute your property when you die:
- Is it your wish to protect your hard-earned assets against the cost of a nursing home? A carefully drafted Irrevocable Trust can protect your assets against this ever-increasing cost, as well as lawsuits, without you giving up control.
- Do you wish to slow down the time within which your children will receive their inheritance? Many inheritors spend it all within one year. A trust can spread out what they inherit over months or years, and it can also set the date of receipt when they attain specific ages.
- Do you wish to avoid probate, both while you are alive (if you become incapacitated) and at death? While other strategies may work to avoid probate when one spouse dies, a trust can accomplish that goal when both spouses pass away.
- Do you want to protect what you leave behind if die first and then your surviving spouse remarries? Often a source of much friction between biological children and new step-parents, a properly designed trust can resolve this situation.
- If your estate is large enough, do you wish to minimize or eliminate estate taxes when you die?
You should consult with an experienced, knowledgeable estate planning to determine if a trust is right for you and your family
-Attorney Jack N. Alpern