Trusts Are Useful Estate Planning Tools
In many ways, your estate plan is your legacy. The assets that you have accumulated over the course of your life allow you to continue supporting your family once you have passed on. Because you ultimately want what is best for your beneficiaries, the preservation of your assets is paramount.
Trusts offer effective avenues for the disbursement of your assets. Our firm, Ritigstein Law, routinely assists clients in Haddonfield, New Jersey, and its surrounding communities as they utilize trusts to maximize the gifts that they bequeath to their loved ones.
Different Types Of Trusts Can Serve Different Financial Goals
A trust is a legal entity wherein you place your assets to be held and distributed to your beneficiaries. When assets are put into a trust, they become the property of the trust, and this transfer of ownership affords you certain financial benefits. There are multiple types of trusts that serve different purposes, with some common examples, including:
- Revocable trusts: Sometimes called a “living trust,” these entities can be changed or revoked at any point. These trusts are helpful in avoiding probate, but they do come with some asset protection weaknesses.
- Irrevocable trusts: As its name would suggest, this type of trust cannot be revoked once created. Because ownership of your assets is transferred completely to an irrevocable trust, said assets cannot be subjected to an estate tax upon your passing.
- Special needs trusts: If you have a loved one with special needs, this type of trust can be used to fund their care while also legally preserving their government benefits.
- Charitable trusts: These types of trusts are used to give gifts to charitable organizations. Charitable trusts can minimize or avoid gift or estate taxes.
Whether or not a trust is right for your estate plan will depend on your financial goals. Our attorneys can help you assess the best method for distributing your assets. At Ritigstein Law, we boast decades of experience in crafting estate plans, and we can devise a strategy that helps you look after your loved ones for many years to come.
Ritigstein Law Helps You Protect Your Assets
If you would like to learn more about trusts or the many other estate planning services that we provide, contact us today. You can call 856-375-1473 to arrange for a free 30-minute consultation with one of our lawyers. You can also contact us via email.