Advantages of a Trust
Trusts are an excellent way to manage assets. There are several advantages of a trust that make it a viable option for many people. Some of the benefits of having a trust are that it drastically reduces estate and gift taxes. This means that the state will not hit your heirs with the tax like they usually would. Another big advantage of a trust is that it puts conditions on how or for that matter when your assets inside this trust are distributed upon your departure. A trust is also advantageous as it helps to protect your assets from lawsuits or creditors. Trust also makes it easy to distribute assets to your heirs without the cost, publicity, and delay of the probate court. Another advantage is that you have the power to name a successor trustee who is in charge of managing your trust after you die but is also able to manage the trust if you become too ill to do so.
Trusts are a Great Option
Every situation is certainly different. Not everyone or everyone’s estate is the same. This is what makes the trust so useful. Trusts are very flexible, and they vary and can also be complex. Each type of trust does have its advantages or disadvantages, but this is also good because you can find the right trust that fits what you need perfectly. According to a report by CNN, a trust can run anywhere from $1600 to $3000 to set up this is a lot lower in cost than other estate planning measures. And there is a wide variety of trust that will be able to fit your needs. For example, you have the credit shelter trust, the generation-skipping trust, the qualified personal residence trust, the irrevocable life insurance trust, and the qualified terminable interest property trust. This is just to name a few.
Estate Planning Attorney in Murphy, Texas
As mentioned above there are several trusts that are complex in nature. If you are thinking about getting a trust, the best course of action would be to contact an attorney that specializes in estate planning. Edmondson Law specializes in estate planning and has years of combined experience. We will be able to help you figure out which trust would work for you and assist you in getting the trust set up. So if you are thinking about getting a trust, then your first move should be to contact Edmondson today.
Information, Not Legal Advice. We provide the information on this website as a public service. The legal landscape is constantly changing and being modified by state law and case law. As a result, we cannot promise that this information is always up-to-date and reflective of the most current jurisprudence.
We do not intend this information to be legal advice. By providing this information, we are not acting as your lawyer. If you need legal advice, you should contact a lawyer through our number (972) 442-8326 or contact another attorney of your choosing.