Types Of Trusts To Consider In Estate Planning
In estate planning, creating a trust may be a logical option for some. With a trust, there can be tax benefits, the ability to protect assets from creditors, the chance to build a legacy and control estate decisions while you live and avoid the probate process.
This can seem overwhelming and confusing at first glance, but a skilled estate planning attorney can help you decide which trust is right for you. At Poole, Mensinger, Cutrona & Ellsworth-Aults, in Wilmington, our attorneys provide personal attention and effective advice to help you make the best decisions for your assets and your family. You can count on getting informed choices from us.
Helping You Decide The Right Trust
There are a number of different types of trusts, and our skilled attorneys can guide in their creation. Some of the more common trusts include:
- Living trusts: These are created while a person is still alive, allowing you to manage estate decisions during your lifetime. Trustees hold the assets for designated beneficiaries. These trusts allow you to avoid the costly and time-consuming probate process.
- Revocable trusts: These are a type of living trust. A key benefit is that they allow you to “revoke” or alter the trust’s terms at any given time. However, the assets are not protected from creditors.
- Irrevocable trusts: Also a type of living trust, an irrevocable trust cannot be revoked or changed. Assets in these trusts are protected from certain creditors.
- Special needs trusts: Geared toward families that have children with special needs, these provide money for disabled children after the parents die. The money from such trusts will not disqualify the recipient from government benefits such as Medicaid and Supplemental Security Income payments.
- Charitable trusts: For people who want to leave a legacy based on goodwill, these trusts are ideal. They are established to benefit certain charities as well as people.
- Perpetual trust: Often geared toward the affluent, these trusts are designated to last forever. They can create legacies by providing college loans or be used to preserve business and real estate investments.
Our experienced attorneys will evaluate all trust options, explain the benefits of each and help you decide which one is the best fit for you. With decades of combined experience, our team provides practical advice and one-on-one attention.
Contact A Skilled Law Firm Now
There a many different types of trusts to consider when creating an estate plan. Which one is right for you? Poole, Mensinger, Cutrona & Ellsworth-Aults, in Wilmington, Delaware, provides personalized care. We know the intricacies of estate planning and trust creation. Get effective advice from us. Please contact us online or call 302-358-2679. Se habla español.