In the practice of trusts and estates, we love wills. But we love trusts even more.
Because trusts are one of the most flexible estate planning tools we have.
Trusts and Estate Planning.
Trusts can protect your property, save on estate taxes, and help you avoid probate. Trusts can do many things and they are not one-size-fits-all.
For example, “Special Needs Trusts” (“SNT”) are trusts that are set up to provide for the immediate and future needs of disabled persons or persons with “special needs.” The SNT can be customized to address the individual needs of the disabled person. An SNT is managed by a “trustee” for the benefit of the beneficiary and lasts as long as it is needed.
However, a SNT needs to be carefully drafted so that it does not interfere with the disabled person’s ability to become and remain eligible for need-based government benefits like Medicaid and Supplemental Security Income (SSI).
Other trusts can be general purpose trusts. Still others can help you achieve philanthropic goals. Charitable trusts, for example, let you donate generously and give your heirs a tax break at the same time.
Trusts can be revocable (meaning you can change your mind) or irrevocable (meaning you can’t).
What trust is right for you and what a trust can do for you generally depends on your particular circumstances and what you need.
Seek Professional Advice.
To find out what type of trust is right for you, speak to an experienced trusts and estates attorney. We are estate planning attorneys with offices in Sedona, Arizona. We offer free consultations and we are available to service all of Arizona. We can help you with your estate planning needs. Connect with us on Facebook , Twitter or LinkedIn or Contact us to set up your free appointment.