“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.