Trusts: Versatile Asset Protection Tools
Although not everyone needs or uses a trust in their estate plan — the versatility of trusts alone makes them worthy of serious consideration during the estate planning process.
At Dugalic & Landau, PC, we use a variety of trusts in our Pennsylvania and New Jersey estate planning practices. In working with you, our lawyers will carefully consider your situation and goals, and then explain how the trusts which might be useful to you would work. To learn more about trusts and how they can benefit you or your beneficiaries — call or contact our firm and schedule a free initial consultation.
Trusts can be used to accomplish almost anything. You can set up an irrevocable life insurance trust to avoid heavy estate and inheritance taxes, establish a special needs trust to ensure that a disabled or troubled loved one is taken care of for the long-term or place assets in a trust to protect them from having to be sold off before qualifying for Medicaid benefits.
Trust Basics
There are two basic types of trusts: testamentary trusts (which are created upon death, usually through a provision in the will) and living trusts (established during your lifetime, also known as inter vivos trusts) — either of which can be designated as revocable (allowing you to change or terminate the trust at any time during your lifetime), or as irrevocable (generally, permanent and unalterable with the exception of naming successor trustees).
Each type has its own advantages and uses. For example, a testamentary trust comes into play after an estate has gone through probate and can have significant tax and asset protection benefits and is especially useful for people with minor children. By contrast, a revocable living trust (the most commonly used trust) is created during the lifetime of an individual and allows you to maintain full management, ownership and control of the asset during your lifetime. This type of trust allows for immediate and easy transition of your assets to a named trustee if you become unable to manage your assets yourself. In addition, it will keep your assets protected from the probate process, ensuring you maintain privacy over your affairs and provide an efficient way to distribute assets to your loved ones.
Beyond the basics, there are many other specific types trusts that can be used to accomplish very specific goals. Our attorneys understand the value that trusts have for asset protection and wealth transfer planning and provide you with the information, advice and quality legal services you need to accomplish your individual goals.
We offer free initial consultations, speak Serbian, Croatian, Russian and French and maintain Philadelphia area offices in Upper Darby and Conshohoken, or our New Jersey office in Mount Laurel. Schedule a free consultation today by calling us locally at 610-624-4634, toll free at 1-888-309-6712, or by sending us a brief e-mail message.
