Wills and Trusts — the First Essentials in Estate Planning Success
Every successful estate preservation plan begins with a properly executed will. Most people know that having a will is the only way to ensure that your final wishes for your family assets remain with your spouse and children or other beneficiaries you name. But an improperly written will can cause disputes when certain assets aren't accounted for or family circumstances that change over time. An out-of-date will or language that leaves room for uncertainty can actually create legal headaches for your survivors in the event of contested will litigation. At every life-change, it is important to update or rewrite your will to account for the change in circumstances.
Setting up a trust is one of the best legal instruments for protecting your family assets from high estate taxes upon your death. When you establish an irrevocable or revocable living trust, you can set the criteria under which assets are distributed to the family beneficiaries or religious/charitable organization of your choice.
Legal instruments for irrevocable and revocable living and testamentary trusts include:
- Charitable trust: Allows you to set aside assets for distribution to a religious our charitable organization of your choice. There are several tax options available within this type of trust. Talk to us about which option meets your specific needs
- Qualified personal residence trust: Allows you to place your primary residence into a trust, while you remain in your home while you (and/or your spouse) continue to live in the house until death.
- Special needs trust: Allows you to set aside assets for the care and maintenance of an incapacitated loved one, now and upon your death
- Education trusts: Allows you to establish a distribution of assets to children and future generations for the specific purpose of meeting education costs
These are just a few of the types of trusts available to help you reduce your taxes now and eliminate the burden of estate taxes upon your death.
Free Initial Consultation
Talk to the estate planning attorneys at the Law Offices of Richard Franzblau LLC, to learn more. Richard Franzblau founded our firm in 2001 with a commitment to offer personalized, attentive services that focus on efficiency and accessibility. Responsiveness is one of the key benefits of working with a firm that is determined to place client service and results above our attorneys' individual objectives.
Contact us to arrange a no-cost initial consultation with an experienced wills and trusts lawyer today.