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Trust Formation

Trust Formation

"Sometimes the poorest man, leaves his children the richest inheritance. "
- Ruth E. Renkel 

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A Trust is an agreement that creates a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in a variety of ways and can specify how and when the assets pass to the beneficiaries. One of the benefits of trusts is that they usually avoid probate and allow a quick transfer of assets and can help avoid estate taxes. Ultimately trusts can save time, fees and reduce your tax burden. 

We at Legal Legacy Advisors believe, setting up a trust gives you peace of mind knowing your legacy will be honored as you envisioned well after you pass.  Trusts give you maximum control over your wealth and privacy. A trust can minimize conflict and ensure your family gets the full benefits of your life’s work. Working with a estate planning attorney to help set up the right type of trust for your circumstances is the best way to protect your assets far into the future.

Call us today to schedule a confidential consultation to determine your Trust options.  
 

Trusts can be created to be effective during life or only upon death. There are many types of trusts discussed below, but the two main categories of trusts are revocable or irrevocable.

Revocable Trust

Revocable Trusts are typically created to avoid the probate process, hold real property located in other states, or for privacy reasons. The creator of the trust (called grantor or settlor) has the right to revoke, amend, terminate or change the trust at any time before their death; in essence, he or she retains all the perks of owning the property. 

Irrevocable Trust

An Irrevocable Trust cannot be amended, terminated, revoked, or changed by the grantor after it has become effective. Because the grantor has basically given up the right to control the property, generally the trust property is not included in the grantor’s estate at death. High net worth individuals often use Irrevocable Trusts as asset protection to protect their property from creditors.

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