Trusts and Succession Planning Attorneys

Understanding Trusts and Succession Planning

Planning for the future can seem daunting, but it’s a crucial step in protecting your assets and ensuring your wishes are carried out after you’re gone. Trusts and succession planning are sophisticated legal tools designed to achieve precisely this. This area of law focuses on how you manage and distribute your property, both during your lifetime and after your death.

What is a Trust? A trust is a legal arrangement where you (the grantor or settlor) transfer ownership of assets to a trustee, who manages those assets for the benefit of one or more beneficiaries. Trusts can be incredibly versatile, serving many different purposes. They can be used to avoid probate, provide for loved ones with specific needs, protect assets from creditors, and minimize estate taxes.

What is Succession Planning? Succession planning is the broader process of determining who will inherit your assets and responsibilities when you’re no longer able to manage them. It goes beyond simply naming beneficiaries in a will; it encompasses a comprehensive strategy for your business, investments, and overall estate.

• Types of Trusts: We assist you in selecting the right type of trust, including:
  • Revocable Trusts: These trusts allow you to retain control of your assets during your lifetime and make changes to the trust as your circumstances change.
  • Irrevocable Trusts: These trusts generally cannot be changed once established, often offering significant tax advantages and asset protection.
  • Special Needs Trusts: Designed to provide for individuals with disabilities without jeopardizing their eligibility for government benefits.
• Estate Tax Planning: Minimizing estate taxes is a key component of any succession plan. We analyze your estate's value and explore strategies to reduce your tax liability.
• Business Succession Planning: For business owners, we help develop a plan to transfer ownership and management of the business to the next generation or a designated successor.
• Beneficiary Designations: Careful review and management of beneficiary designations on retirement accounts and life insurance policies are crucial for efficient asset distribution.

Why is Planning Important? Without a well-executed plan, your estate could face unnecessary delays, legal challenges, and potentially higher taxes. Furthermore, your wishes may not be honored, leading to family disputes and unintended consequences. Our experienced attorneys can guide you through this process, providing personalized advice tailored to your unique circumstances and goals.

Let us help you create a secure and lasting legacy. Contact us today to schedule a consultation and discuss your needs.