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A trust is a written agreement between the person who creates it, known as the “grantor,” and the person who carries out the grantor’s instructions, known as the “trustee.” Trusts ensure that assets are distributed according to the grantor’s wishes and may include what’s known as “asset protection.” While a properly drafted trust is in effect, the trust’s assets generally cannot be reached by any beneficiaries’ creditors, at least not until the funds are payable to them.
In the past, individuals used trusts as a tax-planning measure (i.e., to avoid exceeding the estate-tax exemption). With the exemptions being as high as they are, trusts are now often used to address family situations, like children with special needs, heirs with substance-abuse issues, and providing for young children.
Even though trusts are a complex aspect of estate planning, we’re here to answer your questions and help you establish a trust for the best interests of you and your family. And with our knowledge of the ever-changing laws surrounding estate taxes, we’ll help you determine whether and how a trust might help you protect your assets.
From initial estate planning discussions to the signing of your trust, our lawyers have all the tools and experience you need to navigate the tricky business of establishing a trust. So trust us—we’ve got it covered. Give us a call to find out how we can help you prepare for the future!