Services & Trust

Many of us are concern about preserving our estates and passing our life achievement to our heirs.  One bad word that too many people have had to say is "probate." Probate has caused many heirs unnecessary pain and cost because effective planning were not considered before.  The estate may need to pay attorneys, appraisers, and court costs before assets can go to the heirs. In fact, probate costs can eat up as much as 10% of an estate.  Also, sometimes the courts to put a freeze on assets and the details are open to the public, making it a privacy concern.

Certain types of assets, such as property held in a trust, are not considered part of an estate and can avoid the probate process. Trusts are popular estate conservation tools that can help facilitate the smooth transfer of estate assets and maintain the family's privacy.

A trust is a legal entity wherein a person (the grantor) gives ownership of his or her assets to a separate entity (the trust), which holds the property for the benefit of a third party (the beneficiary). A trust can contain any sort of property money, stocks, bonds, real estate, business interests, personal possessions, etc.

Assets in a trust are technically owned by the trust, they are not figured into the grantor's estate.
The trust is overseen by a trustee, who must distribute the assets based on the stipulations outlined in the trust.
Different types of trusts can be used to distribute wealth in many different ways.

Living trusts

Established during the grantor s lifetime. The grantor can name himself as the trustee and name a co-trustee who can handle the affairs of the trust after the grantor's death.

Charitable trusts    

Established to pay a charity either a regular income for a set period or a lump sum at the end of the period. Heirs can also benefit from these types of trusts.

Incentive trusts    

Help future generations strive for worthwhile goals such as attaining higher education, starting a family, or working for a nonprofit organization.
Supplemental or special-needs trusts.

Help provide for a child with physical or mental disabilities and help ensure that the child qualifies for government assistance programs.
Trusts are complex legal entities and involves a complex web of tax rules and regulations. Please consider counsel of an experienced estate planning professional and your legal and tax advisors before implementing such strategies.