Even if you have a valid Last Will and Testament, your assets could be depleted by estate taxes, court fees, and the discharge of debt during probate. A trust provides a way for you to protect assets and even dictate how they will be managed and distributed now and after you pass on. You can save considerable amounts of money by establishing one or more trusts and can be certain that your wealth will be managed, preserved, and distributed as you see fit.
Establishing a trust is not a simple process. You must determine what type of trust will provide the greatest benefit to you, and it must be set up in such a way as to not only carry out your goals but stand up to scrutiny should its legality be brought into question. Our Friendship Heights trust lawyers can help you with this key part of the estate planning process. We have experience with all types of trusts and understand the intricacies involved so you can avoid problems in the future.
Find out more about the benefits of a trust and how to proceed by contacting DiPietro Law Group, PLLC over the phone or online.
Types of Trusts
There are different types of trusts that will address specific needs. These include:
- Revocable living trusts, which typically establish the person who created the trust as its trustee, managing assets while he or she is physically/mentally able to do so. The trustee has the right to revoke or alter this type of trust.
- Irrevocable living trusts, which cannot be altered or revoked. These ironclad trusts can protect assets from lawsuits and estate taxes and do not count as assets or income in relation to Medicaid or Social Security eligibility.
- Special needs trusts, or supplemental needs trusts, are established to provide financial support to a disabled beneficiary without impacting his or her eligibility for government benefits.
- Charitable trusts are irrevocable trusts established to provide for charitable organizations. In addition to generating good will, they provide tax benefits as well.
Mitigate taxes and protect your assets with one or more trusts, and establish these with a Friendship Heights trust attorney at DiPietro Law Group, PLLC to ensure they carry out your goals. Call us today to get started.