No matter what you may have thought before, trusts aren’t only useful for people like Jeff Bezos or Bill Gates. In fact, their terms can also be beneficial to those with a reasonably valued estate. Your spouse, children, and other loved ones are close to your heart.
You trust them blindly and would love to name them beneficiaries of all your assets. However, the legal terminology can make it difficult for you to understand what it all means and what kind of trust structure to go for.
In many ways, an irrevocable trust in Brooklyn is a good choice if you are looking to leave your entire estate to someone able and responsible. It is a great way to get tax exemptions while saving your family from tedious and lengthy probate. It could also prevent the beneficiaries from spending the money all at once since there is an added ‘trustee’ who will manage the trust. Plus, it can help you qualify for Medicaid or other government subsidies by hiding a bunch of your assets in a box exempted from taxation.
Before you call your estate planning attorney and demand to set up a trust, here are some facts to convince you of its value. Plus, there are some implications you should be warned about. Here goes!