Trusts are the most versatile tool an estate planner has, and that usefulness is constantly growing. When there’s an issue meeting a client’s estate planning goals, a well-drafted trust can often be part of the solution. Ultimately, I use trusts to allow you to keep control of your property to the extent you desire. The following are some of the more common trusts and the goals I can help you meet with them:
- Trust for Minors – protect assets for children until they become adults, either to preserve a family’s wealth or to ensure that there are sufficient resources to raise younger children before their older siblings take their inheritance.
- Tax Avoidance Trusts – serve to minimize or completely avoid paying estate taxes on a very wealthy person’s death. The estate tax code is always changing, so it’s important that the wealthy routinely have an attorney review any tax avoidance trusts to ensure they will have the desired impact under the current law.
- Charitable Trusts – leave charitable gifts (often to create a scholarship) wherein you reserve some control over the use of the funds given.
- Pet Trusts – leave money to care for your pet and name someone to use that money to care for your pet.
- Spendthrift Trusts – prevent gifts from being taken by your beneficiaries’ creditors.
- Support Trusts – provide support for someone’s needs, without supporting their hobbies and vices.
- Special Needs/Medicaid Trusts – ensure that your loved one’s needs are met while avoiding ineligibility for Medicaid.