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However, in other states, a living trust might be a better strategy if the probate process is more expensive Trusts are not subject to the probate process, unlike a will.

Annuities and Trusts as Long-Term Care Funding Sources Annuities and trusts can be effective tools for Asset Protection Trusts Asset protection trusts can be used in estate planning to cover long term care These trusts can protect your assets from being depleted by long term care expenses. However, setting up a trust requires legal expertise. This includes setting up powers of attorney, living wills, and potentially trusts.

to execute alternatives to guardianship like medical power of attorneys, durable power of attorneys, trust If they can establish a durable power of attorney or provide secure access to their assets to trusted

Revocable Trust A revocable trust can be especially important for unmarried couples. By using a trust and skipping probate, your assets also remain private.

her conservator and that she has asked the probate court to appoint a corporate conservator (Bessemer Trust Establishing a medical power of attorney will ensure that a person you trust will be able to oversee it is crucial to establish an estate plan with documents that will allow you to appoint someone you trust

Here are some ways to begin the process: Find Their Estate Plan If your loved one had a will, trust, You can also check safety deposit boxes, safes that might be located at their home, or, for trusts, try Protect Assets No matter how messy or complicated a job you have as executor or trustee, the duty to for not being the best year, so let us help put you at ease if you are appointed as an executor or trustee

If you have a trust to avoid probate and distribute assets, the process might be easier for all parties To avoid probate, you may want to place your assets in an individual revocable trust for your children

Consider Dividing Assets into Trusts for Dependents If you have dependents, talk to your attorney about dividing your assets into trusts for your children. If you have questions about dividing assets or trusts please feel free to give the experts at Your Legacy

A generation skipping trust is just what it sounds like; it is a financial vehicle that “skips” your The primary purpose of a generation skipping trust is to avoid the double round of taxation that comes Any nonexempt portion of your transfer to a generation skipping trust will only be taxed once before The trust can be structured so income generated by the trust’s assets – for example, dividends or interest Of course, a generation skipping trust can also be customized in other ways to ensure that the assets

Grantor Retained Annuity Trusts. The grantor who creates the GRAT usually receives annuity payments from the trust that add up to the Qualified Personal Residence Trusts. Charitable Remainder Annuity Trusts. With a CRAT, you place assets into a trust and name one or more charities as the ultimate beneficiary

Uniform Trust for Minors Account (UTMA) Want to gift your college student tuition money? A uniform trust for minors account, or UTMA, may be a good option.

Life estate and inter vivos trust also are considered non-probate assets.   Life insurance proceeds that do not have the estate named as a beneficiary Assets held in a living trust