December 24, 2018

So many changes in the estate and the gift tax rules mean that it’s more important than ever to contemplate estate planning strategies. Trusts matter now more than ever because these are much more than tax planning vehicles for the estate planning purposes.

Many people continue to struggle with the problem of determining how much is enough and how much is too much when passing on assets to your grandchildren or children. 

Although few families are subject to the federal estate tax, leaving assets inside a trust enables a beneficiary to reap the advantages of a family’s success without the high potential for adverse effects such as spending the money too quickly. You can also provide significant protections for your beneficiaries by putting assets inside a trust. This includes protection from creditors, protection from a spouse who seeks a divorce in the future and protecting a beneficiary from being exploited financially.

Even if no tax planning is needed, trusts can be used to further your goals and to address your individual concerns about inherited wealth. Scheduling a consultation directly with an experienced estate planning attorney is your first opportunity to talk through using a trust as an estate planning vehicle.

Your trust is a powerful tool for you and your loved ones, but only if it’s created and funded properly. You need time set aside to speak to a lawyer you can trust about how to craft the right trust for you.