Protecting Your Loved Ones Through A Trust
At Elder Law & Estate Planning Solutions, we understand how important developing a comprehensive estate plan is to protecting your loved ones and securing your future. With over 40 years of combined experience, our team in Concord, North Carolina, offers a boutique experience tailored to your unique needs. We are not just attorneys and lawyers; we are dedicated members of your local community, committed to supporting you through every step of safeguarding your legacy.
Our approach to estate planning and trusts is designed to preserve your estate for your family’s present and future. We aim to ensure your loved ones’ financial security and well-being while ensuring that the court distributes your estate according to your wishes. Trust us to craft a trust that reflects your wishes for an orderly distribution of assets, providing you with peace of mind and confidence in your next steps.
Understanding How A Trust Fits Into Your Estate Plan
A trust is a legal and financial arrangement that allows you to manage and protect certain assets, both during your lifetime and after. It can be a powerful tool as part of your estate plan that offers numerous benefits, including potential tax advantages and the ability to specify how and when your executor distributes your assets.
There are numerous types of trusts you can utilize depending on your needs, goals and circumstances, including:
- Revocable trusts: Often referred to as living trusts, these can be altered or terminated by the trust maker during their lifetime. Assets like homes, bank accounts and investments can be included.
- Irrevocable trusts: These trusts cannot be easily changed once established, providing potential tax benefits and protection from creditors. They can hold similar assets as revocable trusts.
- Living trusts: Created during your lifetime, living trusts can help avoid probate and maintain privacy. They can contain real estate, stocks and personal property.
- Special needs trusts: Designed to benefit a person with disabilities without affecting their eligibility for government assistance, these trusts can include funds for care and living expenses.
Incorporating a trust into your estate plan can provide you with control over the distribution of your assets. Creating a trust involves several steps, starting with deciding the type of trust that’s right for you. First, you will need to create a trust document, choose a trustee and fund the trust with your assets. Upon your passing, assets are distributed to your chosen beneficiaries as per the terms you’ve established, often bypassing the public and sometimes costly probate process.
Take The Next Step In Securing Your Legacy
If you want to discuss incorporating a trust into your estate plan or learn more about your legal options, our attorneys at Elder Law & Estate Planning Solutions are here for you. We also offer client maintenance plans to provide ongoing estate planning services to our clients. Contact us today to schedule a consultation at our Concord office by calling 704-859-8998 or filling out our online contact form.