The Benefits of Establishing a Trust for Your Assets

Are you looking for a way to protect your assets and ensure that they are distributed according to your wishes? Establishing a trust may be the solution you need. At Moen & Thurston Attorneys At Law, we specialize in estate planning, probates, trusts, and taxes, and we understand the importance of establishing a trust for your assets. In this blog post, we will discuss the benefits of establishing a trust and provide you with some tips to consider. One of the main benefits of establishing a trust is that it allows you to have control over how your assets are distributed. With a trust, you can specify who will receive your assets, when they will receive them, and under what conditions. This can be particularly useful if you have minor children or family members with special needs who may require ongoing financial support. Another benefit of a trust is that it can help you avoid probate. Probate is the legal process of distributing a person's assets after they pass away. It can be time-consuming, expensive, and public. By establishing a trust, you can bypass the probate process and ensure that your assets are distributed quickly and privately. Additionally, a trust can provide asset protection. If you are concerned about creditors or lawsuits, a trust can help shield your assets from potential claims. By placing your assets in a trust, they are no longer considered part of your personal estate and are therefore protected. Furthermore, a trust can help minimize estate taxes. Depending on the size of your estate, you may be subject to estate taxes upon your death. By establishing a trust, you can take advantage of various tax planning strategies to minimize the tax burden on your estate and maximize the amount that is passed on to your beneficiaries. When establishing a trust, it is important to work with an experienced attorney who specializes in estate planning. They can help you navigate the complex legal requirements and ensure that your trust is properly drafted and executed. At Moen & Thurston Attorneys At Law, our team of knowledgeable attorneys can guide you through the process and provide you with personalized advice based on your unique circumstances. In conclusion, establishing a trust can provide numerous benefits, including control over asset distribution, avoidance of probate, asset protection, and estate tax minimization. If you are considering establishing a trust, we encourage you to contact us at Moen & Thurston Attorneys At Law. Our team is dedicated to providing a personal touch to our clients' legal needs and can help you create a trust that meets your specific goals and objectives. Give us a call at 315-701-0379 or email us at andrew.moen@moenandthurston.com to schedule a consultation.