TRUST PLANNING

“Long range planning does not deal with future decisions, 

                            but with the future of present decisions.”

                                   -Peter F. Drucker

Trusts are a fiduciary arrangement that specify exactly how and when assets pass to beneficiaries.  Many people want a trust because they have “heard or read” about the benefits of Trusts.

  • Avoids the judicial probate process to save time and court fees

  • May Reduce taxes on the estate

  • Protect your legacy

  • Controls your wealth

  • Privacy from the public record of Probate proceedings.

 

Myka M. Landry Law provides consultations to review and update your current trust and/or to evaluate whether your estate requires or is best served by a trust.  Trusts, Revocable and Irrevocable are not always the best solution for you and your family’s estate.  Evaluating and creating the right type of trust is a complex process and state laws can have a significant impact on the decision.  Let our firm provide the guidance, knowledge, and estate planning experience to design and prepare the type of trust you need to accomplish your goals. There are many types of trusts but in general, there are two major distinctions:

  • Revocable Trust or Living Trust – Created to help assets pass outside of probate, while allowing you to retain control of the assets during your (the grantor’s) lifetime.  This type of trust has the flexibility to be dissolved (revoked) at any time, should your circumstances or intentions change.  Upon the death of the grantor the trust typically becomes irrevocable. 

  • Irrevocable Trust – Created to typically transfer assets of out of your (the grantor’s) estate and reduce estate taxes, tax liability, and probate costs; but an Irrevocable trust generally cannot be altered by the grantor after it has been executed.  Once the trust is established, the grantor often have control over the assets and cannot change any terms or decide to dissolve the trust. 

TRUST ADMINISTRATION

“An investment in knowledge always pays the best interest.”

                                   -Benjamin Franklin

The goal of a trust is the transfer of property from an individual who has died (the “decedent”) to that individual’s beneficiaries, as identified in the document governing the trust. The complexity of any trust administration depends on many factors, including the number and type of assets, their total value, and whether the current trust includes tax planning provisions.

 

Our firm will help review the trust document, all amendments, original will, and all codicils to ensure that the trust administration is compliant with state law, the terms of the trust, and the purpose for which the trust was created.  We will assist with the distribution, accountings, and tax filings required as well as helping the Trustee to understand and carry out his or her fiduciary obligations.

 

Our firm has focused on estate and trust planning and administration for the last 25 years and can provide you and your trust beneficiaries the knowledge and understanding to perform the duties and responsibilities of trust administration. 

The content on this website is for general information purposes only. It is not intended to constitute legal advice or to create an attorney-client relationship. Due to limited space, complex legal issues and rules may be stated in terms of general concepts. Consult legal counsel before acting on any information contained herein.© 2019