An irrevocable trust can be a great way to give assets to your heirs now and avoid taxes on them. However, you might only have a limited amount of time to set one up as the law about how much you are able to give is scheduled to change next year. Many people are wary of giving money away now because they don’t know if they might need it later in life. An estate planning attorney can help you with those fears.
An estate attorney has many options in setting up a trust for you. In some states, the attorney can create a self-settled trust that allows you to put assets in the trust now, but still use the assets during your own lifetime if necessary. Another option is to appoint a trust protector who can amend or revoke the trust, if necessary. The trust protector might also be able to move the trust to another state that has more favorable laws. There are other options that an estate attorney can go over with you.
The law is going to change. Now is the time to give your money away if you are going to do so. Visit an estate planning attorney today to make sure that you set up your estate in the best possible way. You cannot afford to wait until next year.
- My Parent/Spouse Shows Early Signs of Dementia. Can We Still Do Medicaid Planning? - July 20, 2015
- What Happens to a Living Trust When One Spouse Dies? - July 13, 2015
- Medicaid Spousal Impoverishment Rules - July 7, 2015