Estate Planning... Wills &Trusts
If tragedy happens, are your children protected?
Don't leave your loved ones' future to chance. Planning ahead will allow you to pass on your property to family, friends, and loved ones while minimizing expenses and aggravation. Protect your family from fights and squabbles. Manage and preserve your assets while you are still here, and plan the distribution of your assets after your gone. Save them the heartache of not knowing your desires. A Trust is a way of protection your assets for the next generation. Simply, a trust is an arrangement where property owned by one person is managed by a person, or organizations for the benefit of another.
Types of Trusts. . .
Living Trusts – created while you are alive. Living trusts may be established for your benefit and the benefit of the beneficiaries. One advantage of a living trust is that it avoids probate - there is no court involvement needed to settle the estate. 
Revocable – With a revocable trust, you have the ability to change or end the trust at any time, for any reason. You are treated as the owner, and you are taxed on the income from the trust assets.
Irrevocable – In an irrevocable trust, you give up control of the assets of the trust, that is, you give up the right to amend or revoke (terminate) the trust. Income from the trust would be taxable, either to the trust itself, or to the beneficiaries if distributed to them.
Testamentary – A trust, if created in an individual's will is called a testamentary trust.
Special Needs – Created for a person with a disability. These trusts preserve the disabled person’s eligibility for government benefits while providing additional funds to supplement those benefits.
Tax Preparation Services – As part of our estate planning and general services, we offer tax planning and preparation services to ready your documents for submission.
Real Estate Transfers – We offer real estate transfer services as part of our general practice and as part of our estate services.
Key Terms:
- Settlor/Grantor: person who creates the trust
- Trustee: person who manages the trust
- Beneficiary: recipient of the trust assets
- Principal/Corpus: asset held in trust
- Income: money generated by the asset held in trust