Family Trust Lawyer Syracuse, UT
A Syracuse, UT family trust lawyer knows that planning for what happens to your wealth means planning for the future of your family. It can be hard to think about a time when you have left those you love the most, but by taking steps now it can benefit you and your family. By having an estate plan and establishing a family trust, you are protecting your assets and ensuring they are distributed how you prefer when the time comes to do so. No one enjoys thinking about their own mortality, but it is the reality, and we must safeguard what we have built a lifetime to have. If you want help getting started, contact us at Felt Family Law & Mediation at your next convenience.
There are usually three parties that are part of a family trust, including the trustee, grantor, and its beneficiaries. The grantor is someone that established the trust, and whose wealth will be distributed based on their instructions. Beneficiaries are the people in the grantor’s life that are picked to receive monetary assets from the trust. Lastly, a trustee is the person who is responsible for carrying out the wishes in the trust and transferring assets to beneficiaries. As a Syracuse family trust lawyer explains, some common types of family trusts are listed as follows:
- Marital trust: irrevocable trust that benefits the spouse of the grantor.
- Living trust: holds assets while the grantor is still alive, and entails a plan for what must happen to assets after death.
- Charitable trust: the grantor leaves assets to a certain charity.
- Special needs trust: a tool for those who receive Medicare or Supplemental Security Income (SSI), in which funds from the trust do not count toward income for these programs.
- Generation skipping trust: these trusts are established to create bigger gifts to younger generations without them having high gift taxes or estate taxes.
- Testamentary trust: these trusts are irrevocable and are created in a will, to come into effect when the owner dies.
- Spendthrift trust: puts limitations on how beneficiaries can access assets.
A family trust is a useful tool that lays out how you want your assets to be distributed after you die, in addition to how much or what belongings you want specific beneficiaries to have. There are several types of family trusts you can choose from, depending on what your goals and needs are. As a Syracuse family trust lawyer offers, family trusts can protect your closest loved ones from absorbing unnecessary taxes or costs in the future. Through a family trust, you can set up benefits for your chosen family members. This document is an agreement that is legally binding, and establishes who shall receive portions of your wealth after you have passed on. We know how important your family is to you, and we are here to offer our legal insight and guidance so you can have peace of mind into the future. If you would like assistance when creating your family trust or other estate plan documents, contact Felt Family Law & Mediation today.