Estate planning is a critical part of ensuring that everything you’ve worked so hard for is preserved for your family and your retirement, and not eaten up by taxes. A trust can help care for your family and preserve your assets, but only if properly set up. Our Montana taxable trust lawyer can explain your options and how a trust can help you and your family.
What Does A Montana Taxable Trust Lawyer Do?
A taxable trust lawyer is an estate planning attorney. Your assets, property, bank accounts, and even debts constitute your estate. Although most people think of trusts and estate planning as something they only need if they’re rich, the truth is that if you have even a little bit of money, you could benefit from a trust.
Montana trust lawyers help reduce your tax burden, among other things. Many forms of trusts are non-taxable, or are taxed at a lower rate than other types of assets. They create legal protections to ensure that family members are taken care of and that certain pieces of property can stay in the family or are protected from creditors.
Your estate planning lawyer can also serve as an estate representative, ensuring that the terms of your will are followed and that your estate, after you pass, is distributed to your heirs and beneficiaries the way you wish.
Do I Need A Trust?
A trust is a division of property rights, legally creating a fiduciary relationship between a property owner and another person or entity. Assets are placed in a trust designed to benefit a beneficiary. The trust is “owned” by a trustee, the property, and the trust administrator. The initial property owner, the person who establishes the trust, is the grantor.
You can place just about any kind of asset in a trust for the beneficiary to enjoy the benefits of. For example, you may place a house in a trust and permit the beneficiary to live in the house without owning it. Or, you can establish a trust for your children, providing money for college or other specific uses. Some people who have a child or adult family member with disabilities or special needs may create a Special Needs Trust, a specific form of trust that provides extra income for the special needs beneficiary without jeopardizing any government benefits they may receive.
If you have people you want to provide for financially or have property you want to protect from taxes or creditors, then you could benefit from a trust.
Learn More About Protecting Your Assets With A Trust
Do you want to learn more about how a trust can help take care of your children or preserve your assets? A trust can do multiple things, including ensuring you have enough money to fund any end-of-life needs you or your spouse may have. Our Montana taxable trust lawyer at Silverman Law Office, PLLC can evaluate your current financial picture and goals and make personalized recommendations for your estate planning structure. Contact us today to get started – you never know what the future could hold.
