TRUSTS

A trust is an artificial entity that is able to become the owner of record on all of your assets. It is a bit like a corporation or LLC in that it is really just a bunch of paper that when signed and funded is able to own property. You, as the creator of the Trust, are able to designate who will manage the assets, who will benefit from the assets during your life and who will benefit upon your death. Trusts can be used to meet a multitude of needs and issues. The most common reason for creating a trust is to avoid the long and expensive probate process.

A trust can also be used to protect assets from estate taxation, to make assets exempt from being included in the value of an estate for purposes of public benefits qualification, to make charitable gifts after your death, to limit the access to funds while insuring the ongoing care of a child or other beneficiary addicted to drugs or gambling or with heavy debt, and to make sure that beneficiaries and their creditors do not gain access to the funds until they are ready to responsibly manage them.