Trusts

 

 

 

 

 

 

 

Bespoke Trust Solutions for Asset Protection and Estate Planning

 

Trusts are a sophisticated legal creation allowing you to pass on assets to a trustee. This trustee then holds and oversees these assets on behalf of the beneficiaries. It’s an influential tool for estate planning, safeguarding assets, and ensuring your wishes are fulfilled. With a trust, you gain the power to determine how your assets are allocated, lessen tax impacts, and secure your loved ones’ financial prosperity.

At the law office of Cristy J. Carbon-Gaul, we specialize in trust services and can guide you through the intricacies of trust creation and management.

Categories of Trusts

Trusts come in various forms, each serving a specific purpose in estate planning. Understanding these different categories is crucial in designing one that aligns with your goals.

  1. Living: is created during your lifetime.
  2. Testamentary: is established through your will and comes into effect after your passing.
  3. Revocable: can be modified or revoked during your lifetime
  4. Irrevocable: cannot be altered once created.
  5. Funded: holds assets that have been transferred.
  6.  Unfunded: do not yet have assets transferred to them.

Special Types of Trust Funds

In addition to these fundamental categories, each specialized trust fund addresses specific circumstances and objectives. 

  • Marital or “A”: Designed to support a surviving spouse financially.
  • Credit Shelter: Aimed at maximizing tax benefits by utilizing the federal estate tax exemption.
  • Charitable Remainder: Allows you to donate assets to charity while retaining an income stream for yourself or beneficiaries.
  • Special Needs: Designed to provide for the financial needs of individuals with disabilities without jeopardizing eligibility for government benefits.
  • Pooled: Enable individuals with disabilities to protect their assets while accessing government assistance programs.
  • Pot: Provide for children’s financial needs from different marriages or relationships.

Steps for Creating a Trust Fund

  1. Pinpoint your goals and objectives for the trust.
  2. Choose the right type of trust tailored to your distinct needs.
  3. Identify and appoint a trustworthy trustee to manage the trust assets.
  4. Outline the beneficiaries and their respective rights and interests.
  5. Fund the trust by transferring assets into its ownership.
  6. Draft a comprehensive trust agreement that clearly defines the terms and conditions.
  7. Seek legal guidance from an experienced attorney to ensure the trust is legally sound and aligns with your intentions.

Unlock the benefits of trusts for your estate. Contact our office today to schedule a consultation with Cristy J. Carbon-Gaul, a trusted attorney specializing in these services. Also, please visit our website for more information on our comprehensive legal services and expertise.