What We Do
A trust is a snapshot of your life at the moment that you establish your trust. Also, as you decide on how you want your trust structured, you often have to guess how your life will look years down the road. This is of course difficult to do. As time goes on, life, people, and your property change, and you may find that your trust no longer expresses your wishes.
Trust Modification Keeps Your Estate Plan Up-to-Date
Trust modification allows you to modify, update, and even replace your trust so that it always reflects your wishes and addresses your concerns. After you have established your trust, I contact you every six months to help you remember what your trust says and to help make sure that your trust always says exactly what you want it to say. Your estate plan is an investment in your loved ones, and I want to make sure that your investment is always what you want it to be.
Trust modification can take many forms: deleting or adding Trustees or beneficiaries, changing trust provisions to increase property protection or your beneficiaries’ access to property, changing the schedule of distributions, and other options. Your beneficiaries’ lives also change: they may develop new needs or either gain or lose your trust. Accidents may happen and a loved one may need some special needs planning. Changes in your life and in your loved ones’ lives can have a dramatic effect on whether your estate plan does what you want it to do once you pass away.
What is a trust?
A trust is an estate planning strategy. It offers you protection in the event of incapacity and allows for great flexibility with how your property is distributed after the person has passed away.
What are the advantages of a trust?
A trust is a private document that is not available for non-interested people to access and read. A trust being to protect an individual as soon as the individual signs the trust, not just when the individual passes away.
A trust allows you to have provisions that govern how and when your property is distributed to your descendants. This allows for a continuation of parenting influence and can help descendants continue to reach their potential as they continue through life.
What are the disadvantages of a trust?
A trust is generally more expensive than a will. While it is an effective tool, it is less affordable for many people than a will.
A trust is also more “high maintenance than a will.” For a trust to work best, you have to actively manage ownership of your property for the trust to continually control your property. This process is called “funding.” It is best to counsel with an estate planning attorney to determine the best options to fund your trust.
Is a will or trust better for me and my family?
The decision to have a will or trust is an incredibly personal and unique decision. I advise that you meet with an estate planning attorney to help you understand your options and to help you make the best decision for yourself and your family.
What is a Trustee?
A Trustee is the person who administers your trust. In this sense, a Trustee is similar to the Personal Representative of a will. However, a trust is private, while a will is public.
A Trustee also has duties to the trust’s beneficiaries, called fiduciary duties. This means that a Trustee could be found legally liable if the Trustee inadequately administers a trust. I would suggest that a Trustee contact an attorney specializing in Trust Administration for help.
What is a Standalone Retirement Trust (SRT)?
A Standalone Retirement Trust (SRT) is a special type of trust. A standalone retirement trust, (SRT) for short, is a trust used to provide asset protection and maximized tax deferred growth for spouses, children, and other loved ones. This means more assets go to the people you care about.
The SRT is popular and can benefit you and your loved ones because it:
- Protects inherited retirement accounts from beneficiaries’ creditors as well as predators and lawsuits
- Ensures retirement accounts go to whom you designate – and nobody else
- Allows for experienced management and oversight of assets by a professional trustee
- Prevents beneficiaries from reckless spending or gambling
- Enables proper planning for a special needs beneficiary
- Permits you to name minor beneficiaries as immediate beneficiaries without court-supervised guardianship
- Facilitates generation-skipping transfer tax planning
What is an irrevocable trust?
An irrevocable trust is a type of trust in which assets are transferred out of the your estate into the name of the trust. You, as the person who established the trust, cannot alter, change, modify, or revoke this trust after execution. It’s irrevocable and you usually cannot be in control. Irrevocable trust assets have increased asset protection and are kept out of the reach of creditors. Taxes are often reduced because, in most cases, irrevocable trust assets are no longer part of your estate.
Estate Planning In Depth
Schedule a Meeting >
Estate Planning Deficiencies Checklist >
Send Us a Message
[at_newsletter_archive newsletter="client-focused-newsletter" limit="1"][at_newsletter_archive newsletter="advisor-focused-newsletter" limit="1"]