When you are planning your estate and figuring out the best way to pass on your assets, you are probably going to end up talking about trusts. These are useful estate planning tools that can offer a variety of benefits, but some of them have limitations of their own. Fortunately, one thing that is not limited is how much money you can put in your trusts. A Woodland Hills trust attorney can help you establish one or more trusts that would protect your assets.
When is a Trust a Good Way to Manage Money?
A trust is a good way to manage your money when you want to reduce the tax burden on your beneficiaries. It makes it easy to gift your money to others while staying within rules about gift taxes. You also may be able to reduce your estate tax burden, if your estate was large enough to be subject to it.
Do My Money and Other Assets Have to Go Through Probate Court If I Have a Trust?
A trust is also a good way to ensure that your assets go to the right people after you have passed away. Unless you have assets that were not placed in your trust, there won’t be a drawn-out probate process. Everything will go to the correct beneficiaries with little waiting time and few headaches. Of course, you might still have some people challenge the will, but overall the establishment of a trust can do a lot to reduce the fighting over money that often occurs in families after someone has passed away.
Can a Lawyer Help Me Figure Out the Best Kind of Trust to Use?
Trusts are great, but how do you know what kind of trust is the best one for managing your money and assets? Our seasoned estate planning lawyers can help you sort through your options and decide what kinds of trusts work best for you. There are trusts that can provide for a surviving spouse or trusts that are well-suited for protecting assets in blended families. We can even help you set up trusts that are designed to care for special needs relatives or pets after you have passed.
Will My Money Be Insured?
Most trusts are insured up to a certain amount, just like bank accounts. However, rules can change and those rules could affect how much insurance you have. Currently, up to $1,250,000 per trust owner is insured, but that may not always be the case. This is why it is a good idea to work with an estate planning attorney who will pay attention to changes in laws and banking rules.
Meet With Our Legal Team
When you are ready to learn more about your estate planning options, contact the Law Offices of Yacoba Ann Feldman. Establishing a trust and figuring out your best options for protecting your assets can be difficult on your own, but our experienced attorneys are ready to guide you through the process.