By: Benjamin Ruesch, Esq.
A trust is an arrangement in which property is managed by one person or entity for the benefit of another. It can be a solution to potential estate problems. Consider the following factors to decide if you need a trust and which is best suited to your situation.
Common Trust Goals
There are many different types of trusts, and depending on which type you choose, trusts can be used to:
• Eliminate estate and inheritance taxes.
• Reduce income taxes.
• Smooth the difficulties associated with disability and old age.
• Provide professional investment and asset management.
• Prevent family assets such as farms and businesses from being divided or sold.
• Avoid probate and some of its delays in estate administration and distribution.
Revocable living trust for your future care.
If you are unsure about your long-term ability to manage your money, naming yourself as trustee of a living trust allows you to continue controlling your finances now. Plus, you can name a “backup” trustee in case you later become disabled.
Trusts for grandchildren.
A trust can distribute income to your grandchildren in the manner and at the ages you select. A special needs trust can provide for a disabled child’s needs and preserve government entitlements.
Next Steps
The attorneys at Ruesch & Reeve can help you determine whether a trust is right for you. We are here to answer your questions. Mention this article when you call and receive a free initial consultation. Contact Ruesch & Reeve today to learn more about creating a trust that benefits you and your family.