Trusts

A trust can do almost anything a person wants it to do. For example, you may want to protect your children’s inheritance from things like buying expensive cars or a divorce the child might experience later in life; you might have higher liability exposure than others and so you want to create asset protection for yourself; you may have a pet that you want taken care of in a certain way; or maybe you want your assets to distribute equally to your beneficiaries without having to go through probate and you’d like one person to make decisions about how to manage and distribute the assets. Or, maybe you have an entirely different goal. Whatever you’re hoping to accomplish, chances are that a trust can help you do it.

There are two categories of trusts: revocable and irrevocable. With a revocable trust, the creators of the trust can also change it at any time while they have capacity. An irrevocable trust, on the other hand, is much harder to change once it’s been created, but this strategy can create asset protection that wouldn’t be part of a revocable trust plan. Many times, the best approach is a hybrid approach: a revocable trust that becomes irrevocable once its creators pass away. This approach gives the creator of the trust flexibility during their lifetime, and it gives their beneficiaries asset protection once they inherit. Let’s chat and see if a trust is the right strategy for you.