Making a Complex Process Easy for You
A trust is a legal arrangement that allows a trustee to hold and direct the disposition of assets on behalf of a beneficiary. It is often used as a legal protection against taxes and to assure passing on your assets to your children.
Trusts can be very important in estate planning, and there are a variety of trust types that range from marital and testamentary trusts to charitable and generation skipping trusts.
The two main types of trusts to consider are revocable and irrevocable trusts.
A Revocable Trust is created to transfer assets into a trust during a person’s lifetime, but it can be nullified at any time by the person creating the grant (the Grantor). There are different types of revocable trusts which are used for different purposes. In general, a revocable trust can simplify or eliminate probate when a person dies.
It does not do away with federal estate taxes or state inheritance taxes, and it does not protect the creator’s assets, since the trust is revocable and always under the power of the trust’s creator.
An Irrevocable Trust is different in that once assets are transferred into the trust, the creator of the trust no longer has control or say over the disposition of those assets. Because it cannot be changed, the assets in the trust are generally not taxed at death, nor can they be easily acquired by any creditors the estate may have.
Irrevocable trusts are generally managed by a trustee who must use their power in the best interests of the beneficiaries of the trust.
Estate Administration
At Moore Becker Smarto & Acosta, P.C., we also work directly with you when you find you are responsible for the task of administering the estate of a loved one. Our experienced attorneys are prepared to help you with filing an inheritance tax return, filing and serving of required documents, publication of notices in journals and newspapers, and the litigation of any court claims that may come up.
For legal assistance with Wills, Estates, and Trusts, you want the expertise of a local, experienced law firm. Call Moore Becker Smarto & Acosta today at 724-838-8422.
724 838-8422
