First, Consider Your Long-Term Goals.
Trusts can help you accomplish many of your goals for the successful transfer of your estate to your heirs and beneficiaries. A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.
While there are many different types of trusts that an estate plan can include, a trust is often established to allow beneficiaries to gain more timely access to assets while reducing taxes.
A few of the many trust options include:
- A revocable living trust is a type of trust that can be terminated or amended by the grantor. It includes directions for managing your property while you are living, and distributing your assets upon death. It also contains instructions for the management of your assets, even in the event of disability.
- An irrevocable trust contains much of the same information, however, this trust is final and binding, and cannot be rescinded, withdrawn, or changed in any way.
- A credit shelter trust is designed to minimize taxes by most effectively applying the federal estate tax exemption to both spouses, sheltering the maximum amount allowed by law.
DeMent & Marquardt, PLC, can develop a trust designed to meet your specific goals, whether you want to provide a regular income to your surviving spouse and children, safeguard assets until your children reach a certain age, or create a trust specifically for a charitable organization.
Contact us to set up a free consultation appointment. We’ll discuss your goals and recommend the best legal options to accomplish them.