A comprehensive estate plan may include a will and a variety of trusts. Trusts provide greater privacy and added control over how you distribute money upon your death.
Revocable Trusts
Revocable Trusts can be modified if you have a change of heart or financial fortunes.
- Control wealth while alive and transfer as you choose upon death.
- Maximize privacy.
- Modify the trust as your wishes change.
- Lower estate tax burden
- Eliminate court control of assets if incapacitated and avoids probate upon death.
Irrevocable Trusts
An Irrevocable Trust has more immediate benefits. By relinquishing ownership of certain assets, you protect them from lawsuit verdicts and legal judgments, and also remove them from the estate tax equation.
- Transfers all ownership of property and assets to the trust for specified beneficiaries.
- Cannot be revoked, modified, or altered once it is established.
- Provides for minor children, other family members or charitable groups.
- Reduces estate taxes, especially for individuals with large estates.
- Offers protection from lawsuits and legal judgment.
- Choose trustees to manage distribution of assets.
- Helps families and other beneficiaries avoid probate court proceedings.
Special Needs Trusts
When caring for loved ones with special needs, care must be taken to ensure your largess doesn't reduce other financial support for which they are eligible. A trust may be the best way to provide support that supplements government assistance. The Wealth Management team will ensure that your wealth works optimally for your loved one for years to come.
- Enhance quality of life by providing funds to pay for certain allowable items.
- Preserve Social Security Disability income, and other federal and state benefits.
- Select trusted parties to care for your loved ones assets.