Many people believe that trusts are only for multi-millionaires, the truth is trusts can be invaluable tools for hundreds of thousands of individuals.
In its most basic form, a trust is an arrangement where one party (the “Trustee”) holds property on behalf of another party (the “Beneficiary”).
A trust may be able to help you accomplish certain estate planning goals that a will cannot do. Some purposes of trusts include:
- Control and direction of the trust property ;
- Shared enjoyment of trust property for the beneficiaries;
- The ability to benefit multiple generations;
- Property management,
- Protecting assets from creditors’ claims; and
- Avoiding probate.
Our Estate Planning Group at Patterson Moore Butler can assist with creating a trust that will accomplish your planning needs. Examples of trusts we can assist with include:
- Marital Trust
- Trusts for Minors
- Special Needs Trusts
- Irrevocable Life Insurance Trusts
- Living Trusts
- NFA (Gun) Trusts
- Spendthrift Trusts