Other things a trust can help with is potential reduction of estate taxes, avoiding the legal costs associated with probate, instant access to funds and resources after death (there can be a delay with a probate), and to make sure the property isn’t squandered or wasted by someone not ready to handle the responsibilities. Further, you can keep investments in place that will generate secured and predictable income. In order to establish a secure and regular income for loved ones left behind, many clients seek advice on Trust establishment and administration. This strategy can allow the Trust to grow through investment.
Fun fact: Some financial planning experts claim that the first “Trusts” were done as much as two thousand years ago during the reign of Augustus Caesar. The story claims that a Roman citizen wanted to leave all of his property to his children but because his wife was not Roman the laws at that time stated the children could not have the property. So in order to side-step the law he left all of his property to a Roman friend who promised that when he died he would give that property to the children. He trusted his friend to follow his wishes regarding the property after his death, thus the term “Trust” came about.
Call our office and get some information regarding trusts. After all, your creditors have attorneys; shouldn’t you? Call and ask for Mark or Margaret at 253-631-6484. We are hear ready to listen and help.