“Trusts? They’re for rich people.” We often hear this when we start a discussion about the role a trust can play in a family’s overall estate strategy.
A window of opportunity was opened for estate strategies as part of the 2017 Tax Cuts & Jobs Act. However, that window will shut in less than three years unless Congress decides to act and extend the current rules.
You’re beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern is for your personal assets or your business, various tools exist to keep your property safe from tax collectors, accident victims, healthcare providers, credit card issuers, business creditors, and creditors of others.
Whether you’re seeking to manage your own assets, control how your assets are distributed after your death, or plan for incapacity, trusts can help you accomplish your estate planning goals. Their power is in their versatility-many types of trusts exist, each designed for a specific purpose. Although trust law is complex and establishing a trust requires the services of an experienced attorney, mastering the basics isn’t hard.