While even something as simple as having a will prepared can cause anxiety in many people, the consideration of a trust can cause even more of those anxious feelings. When a will is prepared, the willmaker is only required to determine who should receive their assets in the event of their death—far, far, into the future, it is to be hoped. A trust can bring up other issues, primarily one of losing control of one’s assets. In truth, a trust can be a very good way to ensure your assets are left as you would want them left, without the hassle of probate.
A trust can also ensure that your assets are managed as you would wish, in the event of your incapacitation. A highly experienced estate planning attorney from Landrith & Kulesz, L.L.P. can thoroughly explain all the issues regarding a trust, taking into consideration your unique circumstances. We will explain the advantages, as well as any potential disadvantages related to a trust, and will answer any questions you might have. When it is time to consider an estate plan, you can trust the Landrith & Kulesz, L.L.P. attorneys to always do what is right for you, your family, and your circumstances.
Other Types of Trusts
In addition to Revocable Trusts and Irrevocable Trusts, there are other types of trusts which address special circumstances, including:
- Testamentary Trusts are created under your will, and, like a revocable living trust, will control the management of your assets after your death. A Testamentary Trust is often used to provide for the management of assets for minors and young children when they are entitled to receive property under the will.
- Educational Trusts allow parents or grandparents to set aside money for children or grandchildren for the purpose of education. The use of an educational trust is a good option when it is not desirable to give large sums of money to a minor or young adult, and the trust maker wants to ensure the money left is used in an appropriate manner.
- Spendthrift Trusts are used to protect the trust assets from potential creditors of the beneficiaries of the trust—or even from the trustee.
- Crummey Trusts are appropriate for those who want to make gifts to a trust while excluding those gifts from tax complications.
- Irrevocable Life Insurance Trusts can potentially minimize estate tax issues for the person who owns the life insurance policy.
- Special Needs Trusts can ensure that children with special needs are properly taken care of in the event of the parents’ death. A special needs trust is meant to allow special needs minor or adult children to continue receiving government benefits, such as Supplemental Security Income or Medicaid, while still providing extra benefits for the child. The property left to the special needs individual is held and managed for the benefit of that individual; because the assets are not in the individual’s name, their access to public benefits is not jeopardized.
How Landrith & Kulesz, L.L.P. Can Help You Determine the Best Trust for Your Situation
If you are considering estate planning, it is important that you understand the different types of trusts so you can choose the trust which is most appropriate for you and your unique circumstances. At Landrith & Kulesz, L.L.P., we can assist you in making an informed decision—the best decision for you and your loved ones. Estate planning is something most of us tend to put off, yet you would certainly never want to leave your loved ones with a financial mess to handle following your death. Our highly experienced estate planning attorneys can ensure that your estate is handled in the manner you would want in the event of your incapacitation or death. Contact Landrith & Kulesz, L.L.P. today to discuss your estate planning needs.