When to Use a Lifetime Trust Irrevocable Trusts are a standard in advanced estate planning. These trusts offer estate tax reduction, asset protection and probate avoidance. A Lifetime Trust is one type of Irrevocable Trust that you may consider during the advanced planning process. Blended Families If you are part of a blended family, you may understand the confusing dynamics that might create some inheritance issues. If your spouse isn’t the mother or father of your children, you should create a special plan to protect their inheritance. A Lifetime Trust is a great way to do so. You can create Lifetime Trusts for each of your children and for your spouse. Such a Trust will protect each family member’s inheritance from his or her creditors or a future divorcing spouse. Special Inheritance Circumstances A standard Last Will and Testament provides inheritances outright to beneficiaries. Outright distributions do not allow you to navigate special inheritance situations. For example, if you have a disabled loved one, a Lifetime Trust could provide long term income without affecting access to government aid. A Lifetime Trust for an heir who is bad with finances could allow that heir financial stability for life. Taxable Estate If you have a taxable estate, you should focus on estate tax reduction methods including a Lifetime Trust option. This will protect the inheritance of your children from your estate tax burden as well as that of your spouse. Funds for Future Generations Do you have a secret desire to provide a financial legacy that lasts into the life of your great-grandchildren and possibly beyond. You can use a Lifetime Trust to create a Dynasty or Generation Skipping Trust. Such a Trust could allow your children, grandchildren and great-grandchildren funds for college and a source of supplemental income. Experienced estate planning attorneys Atlanta GA of the Pyke & Associates P.C. offers estate planning and business planning resources to residents of Atlanta GA. To learn more about these free resources, please visit http://www.cpyke.com today.
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