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Friday, January 15, 2016

Protect your Children with a Trust

When creating an estate plan, setting up a trust can be an integral part of the process. You can structure your trust so that money is set aside and made readily available for the beneficiaries when they hit a certain ages or milestones in their lives. Your trust can ensure that your loved get your inheritance according to your terms, with the least amount of difficulty along the way.  While there are many benefits of establishing a trust, here are a few common ones.

Estate Taxes can be avoided. 

If your estate is large enough, your loved ones may be forced to pay the dreaded death taxes.  But this tax is voluntary!  Proper planning that typically involves the blending of trusts and life insurance can prevent your loved ones from having a fire sale of all of your assets to pay Uncle Sam.

Avoid Probate at all costs. 

Anything held in a trust will avoid the costly and inefficient probate process, no exceptions. Probate is an expensive process involving the courts that deals with transferring the property of someone who has passed leaving it to their beneficiaries or heirs. The court also decides if the will left behind is still valid and takes care of the financial responsibilities of the person who had died.

Protecting the inheritances from beneficiaries, themselves

If someone you love is less than responsible, you shouldn’t just cut him or her out of your inheritance.  Instead you can carefully plan so that if that person is the type who has a nickel and spends five dollars, they don’t get everything at once.  Substance abuse problems? Your trust can guard against that, too.

Educational funds. 

If education is something you value, you can set aside money in your trust for school expenses and provide graduation incentives to your beneficiary.

The beautiful part about your trust is that you get to makes the decisions about what happens to your estate after you die. Meeting with a respected estate planning attorney such as Christopher Scarcella is a great start to creating legacy of love and care.

 





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