The use of trusts is an essential tool in estate planning. Trusts provide flexibility in arranging a client’s property for present and future disposition that otherwise may not be available. The fliexibility provided by using valid trusts may be said to be limited only by the objectives of the estate owner. Often these objectives are conflicting and subject to alternate solutions that offer both advantages and disadvantages. For example, an estate plan designed primarily for tax savings may not produce the most desirable disposition of the property. Tax considerations constitute an important phase of sound estate planning but should not control all decisions. The use of trusts in estate planning is not limited to large estates that produce more complex tax considerations.
A trust will assure that the property will be used for the benefit of the beneficiary who the client wishes to favor without interference of the spouse of that beneficiary.
A trust will relieve the beneficiary from the burden of property management.
A trust will protect against the dissipation of the trust’s assets by limiting the interest of the beneficiaries and granting the trustee discretionary powers of distribution through spendthrift provisions.
A trust will allow you to control the ultimate disposition of the trust property by creating life estates with remainder interests.
A trust will allow you to retain uniform management and control of business interests or real estate.
A trust will avoid probate on the death of the life beneficiary.
For more on the use of living trusts and how they might be best used by you and your family, please contact the estate planning and asset protection experts of Wild Felice & Pardo, PA at 954-944-2855 or via email at info@wfplaw.com. Let us protect what you value most.