TRUSTS

Trusts are increasingly popular documents which, much like Wills, set forth a clear plan for the distribution of one's assets and the handling of other personal matters at death. They are, however, somewhat more complex than Wills, and they require a bit more effort from the client to put into place. Because of his years of experience with all kinds of Trusts, though, Carl can clearly explain and streamline the Trust creation process.  

Trusts can be used by individuals and by couples. They are useful for providing for minor children. When correctly funded with your varying types of assets, Trusts avoid drawn out and potentially costly Probate procedures for your heirs. Once a Trust is thoughtfully created and properly funded, it is easy to maintain.  

A Revocable Trust (the most common type of Trust) can be revoked in part or in whole, or amended, as your life changes may require. Importantly, this type of Trust allows you to retain control over your finances and possessions during your lifetime.  

If your estate is quite large, ask Carl about how more advanced techniques can enable Revocable Trusts to help you and your spouse avoid or even eliminate possible Federal Estate Tax.

Irrevocable Trusts are less often used, but they can be an important part of planning for large Estates, too.  Ask how Irrevocable Trusts can be used to transfer wealth to your heirs while avoiding Federal Estate Tax. Irrevocable Life Insurance Trusts are ideal for such purposes.

There are other types of Trusts you may consider, too. For example, a Special Needs Trust can be used to provide for the needs of a disabled child while enabling that child to remain on government assistance programs.

Carl will explain how Trusts can be central to your customized Estate Planning.