Trusts are an important estate planning tool for many individuals but they are not right for every estate plan. Trusts can be complex financial planning tools and some are expensive to establish and maintain.? Before you decide whether you need a trust, you need to consult with an experienced estate planning attorney to fully weigh the advantages and disadvantages for your specific estate.
Trusts tend to be particularly useful for parents of young children because parents can create a plan for the financial future of their minor children. A trust can be drafted to create more controlled distributions than a custodial account.? Custodial accounts tend to have state-mandated limits on the age at which a custodial account must be entirely turned over to the beneficiary.? A trust can provide parents more control over when and how distributions are made to minors.
Trusts can be useful tax-saving devices but they are only beneficial if your estate is large enough to have estate tax consequences.? Understanding the costs of establishing and maintaining the trust as compared to the tax savings is an important consideration before you decide whether a trust is the right estate planning tool for you.
Getting Legal Help
The number of trust structures is limitless. A trust can be created to meet the unique goals and budget for your family. Experienced California Trust and Estate Planning Attorney David Pastor has helped many people protect loved ones and create a plan which allows individuals to maintain control over the important decisions in their life. Contact us today for personalized help at 925-932-3346.
Source: http://walnutcreekestateplanningattorney.com/1142/do-we-need-a-trust/
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