Now that we’ve talked a bit about trusts, this may be a good time to summarize how they might be able to help you…
- They can ensure the orderly transfer of your assets and your property. And they can do it in private.
- They can set aside money for an elderly family member or a disabled child.
- They can help finance a child’s education…thus helping to secure the child’s future.
- They can create your own portable – and personalized – pension plan.
- They can help your family avoid the costs – and the lack of privacy – of probate.
- They can help to protect your assets from creditors.
- They can provide a framework with would enable a designee of your choice to administer your personal and financial affairs if you become unable to.
- They can make a charitable gift with tax breaks.
- They can structure and administer financial affairs for your heirs or other family members.
- They can ensure the continuation of alimony or child-support payments…even if you’re not around to make them.
- If you’ve owned a business, they can save that business from a liquidation not of your choosing, or a sale price not of your choosing.
- If you’ve done well with your asset-management and investments, and you’d (of course!) like to preserve as much of that as you can, they can lessen your capital-gains tax bite.
- They can manage – and, hopefully, lower – your estate’s overall tax exposure.
What types of things, exactly, can you put into a trust? Well, for starters…
- Stocks and bonds
- Real estate
- Mutual funds
- Variable annuities
- Capital management accounts
- Life insurance
- Art
- Collectibles of all kinds
- A variety of personal possessions and miscellaneous items
If it sounds like a trust – or trusts – might be beneficial for you and your family, you might want to speak about it with an Elder Law attorney.
