As part of the estate planning consultation, Silva Law LLC will discuss your family's unique personal and financial goals. For some families, a simple will is not a sufficient estate planning tool to protect the family's assets and meet their objectives. Generally speaking, a revocable living trust is a more complex estate planning tool than a will. The trust holds your assets during your lifetime and provides instructions on how your assets are to be distributed upon your death. A well designed trust can help minimize legal fees, estate taxes, protect your estate from creditors, and give your beneficiaries quicker access to your estate with fewer hassles and avoid the long and often expensive probate process. A living trust can also help manage your assets during your lifetime, in the event of disability or incapacity.
BENEFITS OF A LIVING TRUST:
1) PROBATE AVOIDANCE: If your assets are in a trust, your family is spared the time and expense of probate administration. This is particularly beneficial for families that own property in multiple states who would have to go through probate or ancillary probate in more than one state.
2) PROTECTION FOR BLENDED FAMILIES: Many blended families (families with children from previous marriages or relationships) choose trust planning to ensure that their current spouse is provided for, but also use living trusts to ensure that should they pass before their spouse, their children are not disinherited.
3) PROTECTION FOR HEIRS WHO ARE MINORS OR THOSE WITH CREDITOR, HEALTH OR MARRIAGE PROBLEMS: Parents can use a trust to direct that their assets be distributed to their heirs at certain ages or upon certain life events, such as college graduation, as an attempt to protect a young heir from spending their inheritance rashly. Trusts are also used to protect the assets of heirs who many have substance abuse, creditor or spending problems. They are also an effective estate planning tool to protect an heir in the event of divorce.
4) PRIVACY PROTECTION: As a probated will is filed with the Court and is public record and as a trust may remain private, a trust is a better option for clients with privacy concerns and objectives.
5) TAX SAVINGS: In certain financial situations, trusts can be used as a tax-savings estate planning tool.
OTHER TYPES OF TRUSTS:
PET TRUSTS: At Silva Law, we understand your pets become family. We can discuss with you options of how your pet can be cared for if something were to happen to you, including the option of providing for your pet in a trust.
SPECIAL NEEDS TRUSTS: Families often use third party special needs trusts to provide for their disabled family members. As an elder law and special needs planning firm, Silva Law can help design a trust that can protect your disabled loved's benefits.
MEDICAID ASSET PROTECTION TRUSTS: At Silva Law, we use irrevocable trusts in Medicaid planning to ensure your assets are protected should you need long term care.
Contact Nashville estate planning attorney Meredith Silva today for an estate planning consultation. Contact her via Email firstname.lastname@example.org or call 615-258-5541.
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