Trusts

Much like Wills, Trusts are important tools in estate planning.

Trusts can be used to benefit your family in case of your death by:

• Protecting your assets from creditors
• Avoiding probate
• Avoiding Federal Estate Gift tax
• Providing effective property management

Because Trusts can be complicated and the powers granted to the trustee are great, Trust documents should be planned and drafted with great care.

If you have assets you want to protect, you may benefit from consulting with a trust attorney at Daley Zucker, LLC, who can help you provide for your loved ones, minimize taxes, and plan for the future.

What is a Trust?

A Trust is a legal entity, in which the person making the Trust (the settlor or grantor), transfers ownership or control of property to a trustee. Trusts, like Wills, are devices that provide for distribution of your property.

The trustee is then responsible for investing the property for the benefit of a third party (the beneficiary) designated by the settlor. Unlike a Will, a Trust may make distributions while you are still alive.

Trusts may also be used to supplement a Will, and are a common estate-planning tool. One type of Trust is a “Living Trust,” in which the person establishing the trust can also be the trustee and keep control over the property for the duration of his or her life.

Related Posts:

• Irrevocable Living Trust: What Is It?
• The Biggest Mistake Parents Make When Setting Up a Trust Fund
• Living Trust vs Will: What’s the Difference?

While there are many benefits to establishing a Trust, the rules and regulations are often complex. It’s best to discuss your options with an experienced estate attorney who can offer legal advice and help you create a complete estate plan.

At Daley Zucker, LLC, we’ve been helping families throughout Central Pennsylvania sort through the complexities of estate planning for more than 50 years. We have offices in Harrisburg, Lemoyne and Carlisle to serve you.