VIEWS: 9 PAGES: 43 CATEGORY: Lawyers and Legal Services POSTED ON: 10/19/2013
A look at trusts in Portland Oregon and its importance to your estate plan.
TRUST BASICS Is a Trust Right for Your Estate Plan? Creating an Estate Plan Over half of all Americans do not have an estate plan LACK OF KNOWLEDGE is a common reason why people have yet to create a plan Understanding more about estate planning may encourage you to start your estate plan What Is a Trust? A separate legal entity du m • th al, us e or t pe co de rs m si on pa gn w ny, at ho that e cr m on ea an e te ag or s es m th an or e d e tr ov be us er ne t se Beneficiaries A grantor fic A trustee es iar th y e tr us A beneficiary may be a person, an organization, a charity, or even a pet Assets may be cash, stocks, property, or almost anything else of value Why Include a Trust? 1 Probate avoidance A properly constructed trust allows the assets held in the trust to avoid the probate process, making them immediately available to beneficiaries 2 Tax Advantages A trust can help decrease your taxable estate at the time of your death, thereby lowering the amount of gift and estate taxes due from your estate 3 Continued Control A trust allows the grantor to create trust terms that will, in effect, allow a certain amount of continued control over the use of the assets by the beneficiaries 4 Staggering Inheritance A large inheritance left to a young, or financially naïve beneficiary, can be a huge mistake A trust allows you to stagger the gift over many years, decreasing the likelihood that the gift will be squandered 5 Guarding Assets for Minors Gifts cannot be left to minors CREATING A TRUST is an excellent way to guard the gift and grow the funds until the intended beneficiary is old enough to legally benefit from the gift Types of Trust Assets transferred into an irrevocable trust cannot be removed once transferred and are legally no longer owned by the grantor Specialized Trusts Trusts were once used primarily by wealthy families to pass the family wealth down to succeeding generations Now, even the average estate planner can make use of one of the many specialized trusts 1 Asset Protection Trust 1 Asset Protection Trust 2 Special Needs Trust 4 Charitable Trust 5 Pet Trust 5 Pet Trust 6 Generation Skipping Trust 6 Generation Skipping Trust Learn More About Trusts in Portland Oregon Learn More About Trusts in Portland Oregon
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