Trusts and Estate Planning
Estate planning and trusts are critical to protecting your assets and the long-term financial well-being of your family after you are deceased. And though conventional wills serve their purpose, they’re often not effective when it comes to dealing with complicated issues like step-children, grown child dependents, second marriages, charitable donations and other family situations that can make estate planning difficult.
Remember, protecting your wealth and the financial well-being of your family is about a lot more than simply splitting up your assets - it’s about providing for your family members in a way that’s responsible and speaks in detail to your situation. To learn more about how trusts can help you do that, read on.
Trusts aren’t Just for the Rich
Most people assume that estate planning and trusts are merely for the ridiculously wealthy or people who need to lower their tax rates, but that’s not true.
In contrast, a trust is an amazingly flexible estate planning tool that can address a wide range of inheritance issues. They’re also for everyone - whether you make $400,000 a year or $40,000 a year.
How to Set Up a Trust
Setting up a trust will involve the assistance and services of an estate planning attorney. By consulting a legal professional, this person can help you create a trust that speaks to your specific family needs. For these services, you’ll likely pay between $1500 to $5000. Some trust costs are based on a percentage of the total estate value.