Trusts
Guarding Your Family’s Legacy
Plan your legacy, your way. Trusts unlock flexibility, tax advantages, and creditor protection, ensuring your assets reach the right hands.
Revocable Living Trust
Retain control over your assets during your lifetime and designate how they should be distributed after your passing, while avoiding probate.
Irrevocable Trust
Once established, the terms of this trust cannot be changed or revoked, providing asset protection and potential tax benefits
Empowering Generations, Preserving legacies
Trusts are powerful legal tools that serve different purposes and cater to specific needs. Some common types of trusts include:
Special Needs Trust
Designed to provide for the ongoing care and financial needs of individuals with disabilities without jeopardizing their eligibility for government benefits.
Qualified Income Trusts
Established to prevent income from being counted when qualifying for Medicaid.
Answers to Frequently Asked Questions
Here are answers to some of the questions we hear most often about Trusts:
What are the benefits of establishing a trust?
A trust is a legal agreement that holds your assets. The trust is a rule book that describes who should be in control of your assets if you become disabled or pass away and describes the terms under which your beneficiaries can receive the assets in the Trust. A trust will avoid probate and, in some cases, will reduce estate and income taxes. Trusts are critical to care-based planning, allowing access to the highest quality care either at home or in a community you choose.
What types of assets can be placed into a trust?
A trust can hold bank accounts, brokerage accounts, houses, buildings, business interests, items in your home, and automobiles. Certain assets, like some S-corporations and retirement assets, may not be able to be held in trust before you pass away. These assets will need to be discussed with an attorney.
How do I choose the right type of trust for my needs?
Trusts are complex legal documents and should be drafted by an attorney. A good estate planning attorney will review your current situation, goals, desires, and assets to help you determine what trust is best for you and your family.
What are the key differences between a revocable and irrevocable trust?
Revocable trusts can be revoked or changed. Irrevocable trusts generally cannot be changed unless the document allows for certain changes. Irrevocable trusts can be used to insulate liability from creditors and predators, bankruptcy, and other threats to one’s estate. Some irrevocable trusts protect against estate taxes, whereas others can protect against the government exposing gifts to children to capital gains or estate taxes or can prevent Medicaid from requiring that assets be spent on health care.