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A conversation about estate planning wouldn’t be complete without a quick discussion of trusts.
Trusts are extremely powerful estate planning tools. A huge benefit is that they allow your property to pass to your beneficiaries without going through the lengthy and expensive legal process known as probate. They can also shelter your assets from costly estate and gift taxes, allowing you to pass the maximum amount of your assets to beneficiaries.
Another attractive feature: Trusts can help guarantee that your assets will be distributed exactly how and when you wish. If you don’t want a young heir to receive their inheritance until they finish college, for instance, you can use a trust to make sure that happens.
As you probably suspect, the value of trusts as estate planning tools extends far beyond what can be described in a short email. Suffice it to say, they’re well worth discussing in depth.
Note: The use of trusts involves a complex web of tax rules and regulations. You should consider the counsel of an experienced estate planning professional before implementing such strategies
Establishing an estate strategy is crucial, yet many wait too long to put their wishes in writing. Use this helpful guide to review your estate strategy and start conversations with your loved ones, financial professionals, and legal team.