Trusts are often misunderstood. They are often seen as something only the very wealthy need. In fact, they are among the most flexible and powerful tools in estate planning, and they are useful for virtually everyone who has even moderate income and wealth.
They can allow you to avoid probate, they can address incapacity, protect assets, avoid guardianship, create a special needs trust for a child with disabilities, or preserve ownership in a business in spite of a divorce involving you or one of your children.
Trusts Provide For Flexible Long-Term Planning
The advantage of beginning a discussion with one of our lawyers at Morris Estate Planning Attorneys when you are relatively young is that we develop the long game for your finances and you will have the luxury of time on your side. While some estate planning is always better than no estate planning, the sooner you begin the process, the better attuned our lawyers can become to your overall plan and the better it can fully achieve your goals.
Fundamentally, a trust consists of property, which is transferred to a trustee for the benefit of a beneficiary. Sounds simple enough, but within that conceptual framework an infinite variety of instruments can be structured that serve an equally diverse set of goals.
Types Of Trusts
We can advise you of the types of trusts most suited for your goals, and may include:
- Living trusts or revocable trusts
- Testamentary or irrevocable trusts
- Charitable trusts
- Special needs trusts
- Gift trusts, such as Grantor Retained Annuity Trusts (GRAT) and Intentionally Defective Grantor Trusts (IDGT)
- Spendthrift trusts
- Qualified beneficiary trusts
- Life insurance trusts
- Qualified personal residence trusts
While trusts may be relatively straightforward, they are often complex documents and demand a high attention to detail and meticulous drafting. The terms of the trust instrument shall govern the ownership, control and distribution of your assets. It must be carefully constructed to ensure that your wishes are accurately carried out.
Contact Our Firm
From our office in Henderson, we assist clients with a variety of estate and tax planning needs, and our lawyers can assemble a plan to meet your needs. Call us at 702-471-0990 or use our online contact form.