A trust in its broadest sense holds assets in trust for beneficiaries. How the accounts work depend a great deal on the content of the trust documents and desires of the client.
There are several forms of trusts specific to a client’s need. For example, a Special Needs Trust is for people with disabilities who require medical and other services to maintain the level of care needed and the benefactor wishes to provide. Oftentimes, a beneficiary of a Special Needs Trust depends on state and federal needs-based benefit programs for day to day living. When a Special Needs Trust is devised and administered strategically, the beneficiary will continue to be eligible and receive assistance from the state and federal programs, while benefiting from the trust.
Some other trusts may include, funding college for grandchildren, minimizing tax liability and preserving wealth, creating a charitable legacy, all while avoiding expensive and lengthy probate. At Liipfert Law Group, we provide the guidance on how trusts can preserve wealth, minimize tax liability, protect inheritances, address the needs of a disabled relative, fund a college education and assist in avoiding costly, lengthy probate. In addition to creating trusts we support our clients through trust administration and serving as a trustee.
Contact us today to schedule your initial consultation to learn more.