Basic Trust Benefits

Have you ever considered setting up a trust for your estate? Or perhaps you have and just have never really know exactly what that entails or what the benefits are of setting up a trust. The first thing that you should know is that setting up a trust requires someone who is knowledgeable about the laws of the state. This area of expertise falls into the hands of a seasoned Oakland County estate planning attorney. Because of the complexity and variety of trusts and the laws that are applicable to each, it is important to have all of your bases covered to insure that your trust is carried out effectively. Some of the benefits that a trust can provide are:

  • Avoiding unnecessary taxes. By setting up a trust, you have the ability to avoid estate taxes on life insurance if you set up an irrevocable life insurance trust. This allows the proceeds from your policy to get put back into your estate.
  • You can avoid probate. By setting up a trust and keeping certain property out of your probate estate, you can avoid a lot of the hassles that come with having the state run probate on your estate.
  • Protecting your estate. A trust can insure that your money goes where you want it to, when you want it to. So if you have in your estate plan that your money is going to go to you irresponsible son, and you have a fear that he is going to blow it all on a weekend getaway, through an established trust, you can have the money released over time.
  • Benefit other charities. By setting up a charitable trust, you can have your money be given annually to assist a charity while you are still living and to give greater amounts upon your death.

By knowing all of the benefits of the various trusts that you can create, an estate planning attorney such as Stuart Lee Sherman can help guide you in the right direction. Contact our firm today to see how we can protect your legacy by setting up the right trust for you.

Categories: Wills & Trusts