Setting up a trust can be a powerful estate planning tool for families from all sorts of socioeconomic backgrounds. But before you decide if a trust is right for your children or grandchildren, it’s important to understand what a trust is, how it works? A trust is a flexible account that offers a number of important advantages for families looking to manage their assets wisely. Depending on the type of trust you establish, you can use it for a variety of purposes, including (but not limited to): 🔵Reducing estate or gift taxes 🔵Distributing assets to heirs while minimizing the hassles of probate court 🔵Providing charitable gifts 🔵Ensuring the financial well-being of family members with special needs 🔵Protecting assets from lawsuits and creditors 🔵Trust are also a popular choice for families who want to ensure their children and grandchildren under the age of 18 will be beneficiaries of their estate, but also want to be able to set specific rules that control how the assets will be distributed and used. Since trusts usually avoid probate, your beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will. Additionally, if it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due upon your death. Assets in a trust may also be able to pass outside of probate, saving time, court fees, and potentially reducing estate taxes as well. Create your trust documents with Netlaw’s award winning software. #estateplanning #wills #onlinewills #financialplanner #smartmoneytips #financialfuture #lawfirm #communitypropertystate #divorce #marriage #willplanningguide #covid19 #newbaby #trusts #trustfund #netlaw #baby #kids https://www.instagram.com/p/B_mACWYjZVI/?igshid=rikvkho76vnk
