Who Needs a Trust?

Aug 20, 2019

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:

    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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

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