A Trust is a legal arrangement that gives a third party (the trustee) the right to secure assets in favor of a beneficiary. These documents are commonly used to minimize estate taxes, as well as provide multiple benefits. For example, a trust is required to freely disburse your assets and avoid probate. Trusts may be organized in multiple ways, as well as include clear distinctions for how and when assets can be passed onto beneficiaries. Grantors can also financially plan by setting aside money for college tuition, caring for dependents with special needs, protecting heirs from future probate, and avoid certain taxation.  However, a Trust can accomplish a lot more than just protecting your property after your passing. Other benefits of trusts include (but are not  limited to):

  • Controlling Wealth: Grantors can identify the regulations of their Trust, managing when and to whom the distributions will be made.
  • Protecting Your Legacy: A professionally established trust will make sure an estate is protected from both its heirs’ creditors and beneficiaries who may not possess proper money management skills.
  • Privacy and Probate Savings: Probates involve public records. Trusts can authorize assets to externally pass probate and remain private. This is in addition to possibly decreasing the number of fees and taxes one loses in court. A Trust can be a powerful tool for succession planning and avoiding probate.

By working with Taline Panossian, a grantor can ensure their loved ones are protected from probate after their passing. Contact our office to discuss your legal needs and receive a thorough review of your documentation. Our legal representatives can help you develop an Estate  Plan that works for you and your family.