Trusts
Trusts are not just for the rich and famous trying to hide hundreds of millions of dollars in an off-shore bank account. Normal, everyday people (like YOU!) benefit from using a trust as an estate planning mechanism. Trusts, by far, are the most comprehensive of all estate planning options. They also greatly simply estate settlement.
Some of the benefits gained from establishing a trust are:
- Avoiding in-state and out-of state probate. Unlike a traditional last will and testament, trusts are portable. For example, if you have real estate in multiple states or other countries a trust would be worth investigating because your beneficiaries would avoid the probate process in each state or country in which property is owned.
- Avoiding nursing home poverty. As we age, we need to be prepared for a possible nursing home stay. With the average monthly costs of nursing home care in Texas being $6,000 or more, an irrevocable trust protects your assets from being spent on nursing home costs. The most benefit is received by having a nursing home plan in place FIVE YEARS before a potential nursing home stay.
- Protecting family and friends with special needs. Leaving an intentional legacy for a loved one with special needs can be accomplished through creating a supplemental or special needs trust and will not disrupt any type of public assistance already being received.
- Protecting assets from troubled heirs. Life is hard and sometimes loved ones struggle with harmful behaviors. Creating a trust offers protection for both your assets and your loved one.
- Protecting a surviving spouse. A trust provides a seamless and court-free way for a surviving spouse to carry on living and making financial decisions. A trust also provides asset protection should the surviving spouse remarry.
- Providing for minor children or grandchildren. Trusts provide an avenue for safeguarding a minor’s inheritance until a suitable level of maturity or life experienced is gained.
- Addressing blended family concerns. Family is sometimes complicated. Trusts offer the ability to ensure equitable treatment of children and other family members in multiple marriage situations.
- Avoiding estate taxes. Taxes play an important part in civil discourse, but creating a trust may prohibit the government from taking more than their fair share.
- Supporting charities. Leaving a legacy of generosity is made easy through the creation of a trust.
Jacob and Justin can explore the idea of trusts during your complimentary consultation.
Peace of mind for you and your loved ones.