Why Set Up a Trust?
Posted by Elizabeth A. Burick on Jun 28, 2013 6:56pm PDT
"Setting up a trust" is a topic we hear about on the news- but that is all too easily to dismiss as unimportant or irrelevant to us and our situations. The truth of the matter, however is that if you have a net worth of at least $100,000 setting up a trust is a strategic and beneficial step for your family.
Whether you own a significant amount of assets, wish to leave your estate to your heirs in a way that is not immediately payable to them, wish to support your spouse and your children or want your family to avoid paying hefty estate taxes, setting up a trust could be a viable option for you. Why set up a trust? There are several advantages, and these include:
- You can decide how your assets are distributed after you die
- You can provide funds to your loved ones for educational purposes
- You can give to charities and institutions
- You can reduce estate/gift taxes
- You can distribute assets to heirs while avoiding probate
- You can protect your assets from creditors
- You can name someone who can manage your estate in the event of your death or if you become incapacitated (in this instance, your trust can support you)
Also, trusts take effect immediately and you can usually change a trust more easily than you could a will. For more resources, check out these links:
Want to learn more? To find out about the various kinds of trusts and to determine which could best accommodate yours and your family's unique needs and goals, contact Elizabeth A. Burick, Co. L.P.A. today at (330) 470-8737!
With nearly 30 years of legal experience behind me, I, Attorney Elizabeth A. Burick, have the answers you can depend upon. Call me today to get started on setting up your trust and protecting yours and your family's future!