Let's Talk About Trust & Estate Planning

Estate planning is for everyone. You've worked hard to create a legacy, let me help you protect it.

What is a trust?

It's a legal document ensuring assets are distributed to a particular individual. If you're thinking that definition sounds like a will, stay with me. When you form a trust you transfer legal ownership of certain property to your trust while (usually) maintaining a beneficial interest in that property. You simply can't do that with a will alone. 

What else can a trust do for me an my family?

• Asset Protection - When you place property into a trust, you can give your heirs, and in some cases gain your own creditor protection. This can be beneficial if your heirs have the potential to be frivolous with money or if you're concerned about a divorce. Certain types of trusts can also help you stay under the asset cap for Medicaid if done correctly and at the right time.
• Providing for Loved Ones - You can earmark money for a specific event, e.g. a wedding or a first house. Certain types of trusts can also help you take care of loved ones with special needs who still need to be able to qualify for means tested programs. 
• Privacy - By utilizing a trust, you are keeping your business out of court. The trustee you appoint will effectuate your plan and you can avoid probate.
• Avoiding Probate - Your trust should help your heirs to avoid a messy, drawn out probate process. Using a combination of beneficiary designations and a well drafted trust will help your loved ones to be able to focus on grieving while they follow the groundwork you laid out for them. 
• Reducing Estate Taxes - By using certain tools, a well drafted trust can make the best use of both parties' elections and deductions in order to preserve your wealth for your loved ones.

At Law Offices of Kat Delgado Divorce and Family Law Practice, I bring a combination of experience and compassion to every case I handle. I will help you determine what type of trust meets your goals, revocable or irrevocable, and help you to implement your plan so you can get the full benefit of planning ahead. You will need to identify the trustee and beneficiaries and together we can determine what assets should be transferred into your trust. 

What if I only want to address guardianship?

If you do not feel that your child's other parent is the person best suited to care for your child in the event of your death, that is even more of a reason to set up a trust. Your trust agreement structures a network of financial support for your child, allowing you to appoint a trustee to control any life insurance proceeds, retirement funds, or other inherited property by the child rather than the other parent. You can direct how certain funds would be used, or not used. You can elect to include your preferences regarding visitation rights, and though not technically enforceable, these provisions would guide the court in making later determinations if necessary. 

A comprehensive estate plan should also still include a last will and testament. This will capture any property that was not correctly transferred into the trust so that your intentions are still followed. You may also want to have Durable Powers of Attorney, which may cover financial issues or medical issues. Powers of attorney should be renewed every 5 years so there is no issue with them being "outdated" in the event they need to be utilized.

I am here to guide you in the proper estate planning legal documents for you and your loved ones. As an experienced attorney, I can help you and your loved ones understand estate planning, estate administration, trust administration, and probate litigation.  I understand that these issues can be emotionally challenging, and I am committed to providing you with the support and guidance you need to navigate them successfully. I welcome you to contact my office if you are ready to talk about how I can help meet your asset protection needs with an estate plan.