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At Marks Elder Law we remain committed to serving you and meeting your legal needs promptly – more than ever in these demanding times. Our office is again open for any work that can’t be effectively done remotely, including meeting with clients (though we still use videoconferencing, phone and email as well)

Having up-to-date estate planning arrangements in the form of Powers of Attorney and Wills, at least, is crucial to peace of mind as well as actual preparedness. You may benefit from taking your planning a step further with a Revocable Trust, and some families absolutely need Special Needs Trust type planning  for any family member with a disability.

If you are headed toward expensive long-term care such as in a nursing home, you must seek expert advice to protect yourself, your assets and your family.  With the right advice, long-term care patients and their families get a much, much better bottom line result. We can help you protect your assets.

Finally,  if a loved one has died, we also provide expert assistance to help you wind up their affairs  and administer their estate. These are some ways in which we  at MARKS ELDER LAW  may be able to help you.  Please keep reading, and call or email today.

 

3 benefits of using a trust to pass down wealth

On Behalf of | May 4, 2021 | Estate Planning

A trust can be a valuable estate planning tool for passing down your wealth to loved ones. However, many people do not understand what trusts are and what they do. Because of that, they may not take full advantage of their options.

Regardless of how much money you have, you and your loved ones may be able to benefit from a trust if you make it part of your estate plan.

1. Versatility

There are many different kinds of trusts available. Therefore, whatever your goals are for your estate after your death, there is a trust plan that can meet them. For example, if you have young children and would like to set up a trust for their benefit, a revocable living trust allows you to keep control of the assets while you are still alive and make changes as needed to reflect your family’s situation.

2. Probate avoidance

The main benefit of creating a trust is that the assets that you put in it are no longer part of your probate estate. This can shorten the estate administration process and entirely avoid the probate process following your death. As a result, your beneficiaries may receive their inheritance more quickly and with less cost than they would otherwise.

3. Control

When you create a trust, you get to set the terms and conditions by which your beneficiaries can receive their inheritance. For example, if you worry that some may spend their inheritance all at once, you can arrange for them to receive it in small increments. A special needs trust allows you to provide for a disabled loved one without affecting his or her eligibility for government benefits.

A will alone is less flexible than a trust and does not offer the same benefits. A will and a trust can complement each other as parts of your estate plan.