There are few tools better suited for preserving your hard-earned wealth for future generations than a trust. In addition to your last will and testament, these legal entities provide you with the flexibility to determine how your assets are distributed after you are deceased. A dedicated estate attorney could answer your questions about what trusts might work for you.
Attorney Sasha Begum understands how important it is to have a plan. She has built her career on advising business owners and professionals on how to protect what they have earned for future generations. With the help of a Woodlawn Hills trusts lawyer, you could ensure you have everything properly arranged.
There are many options when it comes to creating a trust as part of an estate plan. With the help of a Woodlawn Hills trusts attorney, you could evaluate all the options and determine the best path forward.
While there are different categories of trusts, all these options are considered either revocable or irrevocable. If you create a revocable trust, you have the right to terminate it at will, whereas ending an irrevocable trust often requires court intervention.
There are different reasons to choose each option. However, irrevocable trusts have benefits such as avoiding probate or resolving tax obligations.
One of the most popular trusts is the special needs trust. These trusts are used to provide financial support for family members who qualify for Social Security disability benefits. There are strict income requirements for such benefits, so special needs trusts are a way to provide that person with additional support without costing them their benefits.
You may also choose to create a trust designed to support your favorite charitable interests, from universities to animal rescues. In some cases, you could live off the income from the trust for the rest of your life and then transfer what’s left to the charity. In other situations, the non-profit could receive ongoing interest payments until your death, at which time your heirs would receive the remainder.
It may be possible to terminate or modify the terms of a trust. However, the document you used to create this entity will largely determine what is possible. When it comes to revocable trusts, you can generally make any changes you want.
The same is not true for irrevocable trusts, where court intervention may be necessary. However, if all the interested parties want to make a particular change, it may not be necessary to pursue court proceedings.
In either case, it could help to have the support of a trust attorney in Woodlawn Hills. The right legal team could provide insight into when modification is an option.
If you are considering a trust as part of your estate plan, there is no time to wait. The sooner you act, the more time you will have to get everything prepared and organized. Reach out to a Woodlawn Hills trust lawyer at Begum Peláez-Prada PLLC for a private consultation.
