Where estate planning is concerned, trusts are often overlooked. Many people just don’t know all the benefits these legal arrangements have to offer. Below, clients will find out some of the advantages an Estate Attorney Stevens Point WI can provide during the trust creation and estate planning processes.
Trusts offer a certain level of flexibility that wills simply can’t provide. Furthermore, they come in numerous varieties, from a general revocable trust to charitable and special needs trusts. With a trust, a client can customize the arrangement to meet his or her needs.
A trust offers more control than is found in a will. Firstly, wills don’t have power over every asset. Second, wills are limited in terms of the distribution of assets. With a legal trust, a client has more leeway in determining how his or her assets will be passed to beneficiaries. When clients use trusts, they can help their beneficiaries maximize their inheritances.
Not only is the probate process public, it’s time-consuming, expensive, and complicated. Many would prefer that their loved ones keep things out of court, but it can’t be done with a will. In fact, wills are sets of instructions to be carried out by the probate court. On the other hand, clients can use trusts to keep their estates out of probate.
Protection From High Estate Taxes
Thankfully, Wisconsin has no estate tax. There are, however, federal estate taxes to consider, but they only apply to the largest estates. If a person’s estate is large enough to be subject to estate taxes, they may benefit from the protections offered by a trust. Call an Estate Attorney Stevens Point WI for more details.
Protection of Benefits
If a relative receives government benefits such as Medicaid, it’s important to know the effects an inheritance could have on eligibility. Trusts may allow clients to distribute their assets to loved ones in ways that don’t affect their government benefits.
The protections afforded by trusts aren’t always automatic. These trusts must be structured correctly and carefully integrated with other estate planning strategies. Therefore, it’s essential to work with a knowledgeable estate planning lawyer. Call today to schedule a consultation or visit Duncandisability.com for more information. You can also connect them on Facebook.