Protect Your Assets and Ensure a Smooth Transfer with Trusts

A trust is a powerful estate planning tool that provides control, privacy, and protection for your assets. Trusts allow you to manage how and when your wealth is distributed while avoiding probate. Whether you're safeguarding assets for loved ones or minimizing taxes, our team helps you create a customized trust that meets your needs and adheres to state-specific laws.

Why Trusts Matter

Trusts offer flexibility and protection that go beyond a will. They allow you to:

Avoid Probate

Trust assets pass directly to beneficiaries without court involvement.

Protect Assets

Shield wealth from creditors, lawsuits, and divorce.

Set Conditions

Set conditions for when and how beneficiaries receive their inheritance.

Minimize Taxes

Reduce estate and gift taxes through strategic planning.

Ensure Privacy

Unlike wills, trusts are not subject to public record during estate settlement.

Without a will, state intestacy laws determine who inherits your estate, typically prioritizing spouses, children, and other close relatives, often without regard to personal relationships.

Common Types of Trusts

While trust laws vary slightly by state, the following types of trusts are commonly recognized across all jurisdictions:

Revocable Living Trust

Allows you to maintain control of your assets during your lifetime and seamlessly transfer them to beneficiaries upon death. This trust can be amended or revoked at any time.

Irrevocable Trust

Once established, this trust cannot be modified, offering enhanced asset protection and potential tax benefits.

Special Needs Trust

Protects the financial interests of individuals with disabilities while preserving their eligibility for government benefits.

Testamentary Trust

Created through a will and activated after death to manage inheritance for minors or beneficiaries with specific needs.

Each type of trust serves different goals, from avoiding probate to protecting wealth for future generations.

How Trusts Work

Trusts involve three key roles:

  1. Grantor (Settlor): The person who creates the trust and transfers assets into it.
  2. Trustee: The individual or institution managing the trust according to the grantor's instructions.
  3. Beneficiary: The person or entity receiving the trust’s benefits.

Assets placed in a trust are legally owned by the trust, not the individual, ensuring smooth asset transfer and protection from probate and potential liabilities.

Trusts and Estate Planning

Trusts are often used alongside a will to create a comprehensive estate plan. While a will directs asset distribution, a trust provides more control and protection. Trusts can also:

  • Reduce Estate Taxes: Federal estate tax exemptions can be maximized through proper trust planning.
  • Protect Minor Children: Trusts hold assets until children reach a specified age or milestone.
  • Support Charitable Giving: Charitable remainder trusts allow you to donate while retaining income during your lifetime.
  • Preserve Generational Wealth: Dynasty trusts can protect assets for multiple generations.

While some states have specific trust laws, trusts are recognized across all 50 states, making them a versatile tool for estate planning regardless of location.

Senior man examining last will and testament

When to Consider a Trust

You might benefit from a trust if you:

Want to simplify the estate settlement process.

Have minor children or beneficiaries with special needs.

Own significant assets, including real estate.

Wish to protect assets from creditors or divorce settlements.

Seek to minimize federal and state estate taxes.

Whether your estate is simple or complex, trusts provide peace of mind, ensuring your wishes are carried out while protecting your loved ones.

Protect Your Legacy with a Customized Trust

A trust is more than just an estate planning tool—it's a way to safeguard your wealth and ensure your wishes are honored. Our experienced team provides personalized guidance to help you create a trust that meets your unique needs while complying with all state-specific legal requirements.

Take control of your legacy—contact us today to learn how a trust can protect your assets and provide for your loved ones with confidence.

Serving Our Communities With Dignity and Compassion

At The Law Offices of Clifford M. Cohen, we believe estate planning is for everyone. From wills and trusts to advanced estate planning strategies, we are the experienced choice for young couples, middle-class families, and high-net-worth individuals. Contact us today to get started.

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