A trust is a written document that creates an asset holding entity for the benefit of someone or something. Trusts are generally created while the Grantor is alive, or by the means of the person’s estate plan.
Have you ever said or overheard someone else say I do not need a Will, Power of Attorney or Advance Care Directive? By not engaging in estate planning you are allowing laws enacted by the legislature to make your decisions.
Planning for a future after you die is never fun, but it is one of the best ways we can protect and help the ones we love. Selecting the correct beneficiaries of your estate is a task nobody relishes, but it is nonetheless important.
Estate and “death tax” planning must be undertaken in a way that also educates the client. In this way, the client understands the applicable laws, how those laws will impact their ultimate goals or how they may lower or increase the potential taxes occasioned at death.