Trusts Allow You to Achieve Worthy Goals

Trusts and trust law allows you to achieve worthy goals.  The goals that can be achieved by leaving assets “in trust” for loved ones include: avoidance of probate, avoidance of taxes, deferral of income taxes, protection from loss in lawsuits, protection from beneficiaries own indiscretions, to promote education as a priority in a loved one’s life, to advance charitable causes, to preserve government benefits for a loved one who receives government benefits, to preserve remainder interests for grandchildren, and to provide for spouse (like in a second marriage situation) and then control the ultimate distribution to children from a prior marriage. 

The general goal is almost always to keep assets in the family.  Since every one has a different family situation and different financial situations, each case is unique. The goals to be achieved usually fall into one of the above listed categories.  Once a goal is identified, we can then seek to explain the concept, how it works, why it works and how we will make it happen.  Understanding how it works is always the chief aim because it permits the client to become actively involved in capitalizing on the many benefits trust law offers. 

Almost every case our office accepts is an interactive experience usually spanning four meetings.  This four meeting structure which comprises: initial complimentary meeting, second meeting to review documents, third meeting to sign documents, fourth meeting to address funding and beneficiary designation issues, allows us to address all issues.  The “in person” review is essential as it permits close interaction that permits all issues to be raised and troubleshooting to occur.  If a plan is not properly funded or beneficiary designations are not designed to work with the plan, then the results can be less than desirable.  The moral of the story is there are many goals to be accomplished in every estate plan.  Four meetings including an “in-person review” will help make sure all your goals will be accomplished.

 

Contributed by

Mark F. Winn