At ElderLawLexington - McClelland & Associates, PLLC, our trust attorneys are adept technicians in the creation of trusts. A trust is often used as a potential tax savings component of an overall estate planning strategy. Essentially, a pre-determined arrangement that allows for a trustee to hold and distribute assets, a well-crafted trust can ensure that you control how your legacy is to be distributed to your beneficiaries. Since trusts often avoid probate, assets can more swiftly pass on to designated heirs. Trusts can also save time and court fees for beneficiaries, as well as provide the added benefits of protecting an estate from creditors and inheritors.
ElderLawLexington trust attorneys can assist in the proper execution of the following trusts:
A living trust is a revocable trust which goes into effect during a person’s lifetime. A properly funded living trust will avoid probate. Avoiding probate is important to many as the probate process can be a costly and time-consuming process. A living trust is private, as it need not be filed with the court and allows the designated trustees to manage the trust without court oversight. During the life of the trust, the grantor has access to the assets and income earned is distributed to the grantor. Only after death does property transfer to the beneficiaries.
An irrevocable trust can’t be modified or terminated without the permission of the beneficiary. The grantor, having transferred assets into the trust, effectively removes some or all of rights of ownership to the assets and the trust.
A life insurance trust is an irrevocable, non-amendable trust which is both the owner and beneficiary of one or more life insurance policies. Upon the death of the insured, the trustee invests the insurance proceeds and administers the trust for one or more beneficiaries.
A Special Needs Trust is a trust established for disabled individuals under the age of 65. The goal of the trust is to hold funds that the disabled individual may have received or will receive from settlement, inheritance or earned prior to the onset of a disability to improve quality of life without effecting eligibility for programs like Medicaid, SSI or SSDI. Funds in a special needs trust can be used for extras like clothing, travel, telephone services, cable and other goods and services not provided by Medicaid or other government programs.
A testamentary trust, sometimes referred to as a trust under will, is a trust which arises upon the death of the testator and which is specified in a will. A will may contain more than one testamentary trust and may address all or any portion of the estate.
Our trust attorneys at ElderLawLexington can also discuss these trusts with you.
Trust administration is not a one-time deal and can last for as long as the trust provides for it. Serving as a trustee can be overwhelming. Retaining the services of an experienced trust attorney at ElderLawLexington | McClelland & Associates, PLLC, can help trustees meet their fiduciary responsibilities and provide peace of mind to beneficiaries that the trust is being carried out per the instructions of the trust.
To schedule an appointment to discuss trusts, contact Elder Law Lexington at www.ElderLawLexington.com or call (859) 543-0061.