Trusts Are Not Just For The Wealthy
Trusts are legal mechanisms that let you put conditions on how and when your assets will be distributed upon your death. They may also allow you to reduce your estate and gift taxes and to distribute assets to your heirs without the cost, delay, and publicity of probate court, which administers wills.
The passing of a loved one can leave a family grieving and distressed. There are relationships that will become stronger, and some may distance. Good communication and advance planning can help families protect a lifetime of accumulated assets, and insure that there is a plan in place for financial and medical directives when the time comes.
Here are some questions to present to your trusted advisor:
- Should everyone have a Living trust?
- Do I still need a will if I have a Living Trust?
- How could a trust help me out if I become incapacitated?
- Will a Living Trust help reduce estate taxes?
- What are the costs of a Living Trust?
- Is the Trustee compensated?
An experienced and qualified estate-planning attorney can help to guide you and your family in forming an estate plan to manage the settlement of your estate, privately, and confidentially. Please check with your tax accountant, family attorney, or financial planner about forming a trust. We work with a variety of trust and estate attorneys daily, and are happy to pass along referrals.
“Trusts direct assets after one’s passing. Not only is a trust is the most flexible vehicle for individuals to ensure their estate is cared for, it’s also a way to care for people who were in their lives.” – Brian Ades (SRES) Trust and Estate Specialist
Interview with Scott Schomer, Esq. at Schomer Law
Probate, Real Estate and Elder Abuse. 8740 South Sepulveda, Suite 107, Los Angeles, CA 90045
Tel: (310) 337-7696 email: firstname.lastname@example.org website: www.schomerlaw.com