ESTATE PLANNING: TRUSTS
Do You Need a Trust in Your Estate Plan?
Precise and personalized estate planning requires that a cost-benefit analysis be conducted to determine whether a trust is right for you. In some cases, all you may need is a last will and testament. In other cases, revocable and/or irrevocable trusts may better suit your estate planning needs.
Having handled estate matters for clients in Washington, D.C., Maryland, Alexandria, Fairfax and the rest of Northern Virginia for more than 30 years, we believe in developing plans that make sense based on your individual needs. If you do not need a trust, we will tell you. If you do, we will take the time to explain why it should be incorporated into your estate plan.
Benefits of a Trust
While we will explore your situation and review all trust options, the benefits of trusts are wide ranging. We can craft trusts to accomplish any number of unique goals, including:
- Tax minimization: If an estate is taxable, a trust can lead to significant savings.
- Probate avoidance: Ideally, probate should be avoided whenever possible. However, if an estate is particularly complex, with unique assets or assets in multiple jurisdictions, probate can become particularly time-consuming and costly, making avoidance even more important. A trust can save heirs from having to go through the probate process.
- Needs of the beneficiary: If beneficiaries have special needs, a carefully designed trust can make certain that assets are not only passed on, but used properly.
- Protection of the beneficiary: Trusts can provide unique protection for your beneficiaries in the event of divorce or bankruptcy. Spendthrift trusts can protect assets for the benefit of beneficiaries who have difficulty managing or maintaining assets.
Types of Trusts
Trusts come in many forms. We are well versed in revocable living trusts, life insurance trusts, special needs trusts, credit shelter trusts, bypass trusts, charitable remainder trusts and all other types of trusts that may play a role in your estate plan.
When you’re ready to call, we’re ready to help. Call us at 703-836-9030, or contact us here.