Trust & Estate Planning

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Commonly Asked Questions about Trust & Estate Planning

What is the biggest mistake parents make when setting up a trust fund?

The 4 Biggest Mistakes Parents Make When Setting Up a Trust Fund Not choosing the right Trustee. Choosing the wrong Trustee is a common mistake parents make. Not being clear about the goals of the Trust. Not including asset protection provisions. Not reviewing the Trust annually.

What is a trust and why are they bad?

A trust helps an estate avoid taxes and probate. It can protect assets from creditors and dictate the terms of inheritance for beneficiaries. The disadvantages of trusts are that they require time and money to create, and they cannot be easily revoked.

Are trust accounts worth it?

While establishing a trust can be more expensive and time-consuming than establishing a will, trusts offer several potential benefits, including: Avoiding probate, simplifying and speeding up the distribution of your assets.

What are reasons to not have a trust?

Probate avoidance is the only goal. While this is an admirable goal, a trust may not be the only way to avoid probate. You have straightforward wishes. Youre motivated by tax savings or Medicaid eligibility. Youre not great at follow-through.

What type of trust is best for estate planning?

A revocable living trust provides you with more flexibility. You can use it to protect your assets in case of incapacity and to avoid having assets transfer through probate, but cannot use it to protect against creditor claims or avoid estate taxes. An irrevocable trust provides you with more protection.

Is estate planning the same as a trust?

While trusts and estates both exist to distribute assets, they do so in very different manners. A trust can be created while the grantor is alive, while an estate is created at the moment of someones death. A trust is intended to be a semi-permanent entity.

What are the disadvantages of a trust after death?

Disadvantages include: Potential subject to income or federal estate taxes. Possible challenges on validity and probate processes. Becoming public records accessible to anyone.

What are the disadvantages of a trust account?

What Are the Disadvantages of a Trust? Loss of Control. Setting up the trust necessitates you giving up some amount of control of the assets you place within the trust. Loss of Asset Access. Cost. Recordkeeping Complexity. High Need for Competency.

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Commonly Asked Questions about Trust & Estate Planning