A trust is an effective tool for providing financial resources for the healthcare of a family member, education funds for a grandchild, support for a cherished cause or income for an heir. Additionally, trusts allocate and protect assets when planning for Medicaid while reducing estate taxes in other instances. At Blake & Associates, our attorneys work with financial planners, tax experts and accountants when designing and implementing trusts for our clients. Since it's important that all elements of an estate plan work together, our attorneys can review and audit your will, healthcare directive or business continuity plan to ensure they complement and work in conjunction with a trust. We explain pros and cons associated with a private or corporate trustee, including terms that require transparency, financial accountability and reporting mechanisms to ensure fiduciary responsibility.
If you are interested in establishing a trust or would like more information on different kinds of trusts, contact the estate planning attorneys at Blake & Associates today to schedule an appointment and discuss your case.
Considering Which Kind of Trust Works Best for You
Our estate planning lawyers design and create the following kinds of trusts for clients:
- Special needs trust
- Revocable / irrevocable trust
- Spendthrift trust
- Education trust
- Testamentary trust
- Charitable remainder
- Burial trust
- Medicaid planning and elder law issues
- "Legacy" trusts
Trusteeship and Fiduciary Responsibility
We can discuss with you what is appropriate for your situation. When establishing a trust, you can select a family member or friend to serve as its trustee or you can pay a financial services company to act as a corporate trustee. In general, corporate trustees charge more, are bonded and insured, and are typically less prone to financial mismanagement; however, they are usually less flexible when special circumstances arise that may justify a change in payment terms or the like. Private trustees are usually more flexible and less expensive, but are typically not insured. While it's possible to insure a private trustee, doing so will add to the cost. In both cases, a trustee is required to file a tax return for the trust and must provide an annual report as well.
Guidance You Can Count On - Contact Our Trust Attorneys
There are a number of tax, financial and legal issues that must be taken into account when establishing a trust. Regardless of whether you're interested in qualifying an elderly parent for Medicaid without having to spend down their assets or in providing financial support for your heirs, or in creating a "legacy" for your family and loved ones. We can design a trust that protects more of your assets.
To learn more about trusts and how we can help you, contact the estate planning attorneys at Blake & Associates today.