Marc A. Bronstein
A Living Trust
At Marc A. Bronstein, A Professional Law Corporation, a Living Trust, or revocable trust is just one aspect of estate planning that we can design to optimize your quality of life and the legacy that you leave behind. Revocable trusts are becoming common in the United States as a substitute for a standard will for a number of reasons.
With a living trust, the grantor, or person who sets up and funds the trust, can amend the trust document or remove assets from the trust. You will continue to file an individual tax return and treat the assets in the trust as your own. A living trust does not provide creditor protection, however.
In addition, a living trust can be designed to manage your assets if you are disabled or incapacitated. In such case, the successor trustee acts in the same capacity, but with more responsibility. This ensures that the funds from your estate are used for your benefit only. When coupled with a durable power of attorney to address matters outside the Trust (ie: life insurance, retirement plans, governmental benefits and tax issues) you can avoid having a conservator appointed to handle financial matters in most situations.
If challenged, a trust can provide a stronger level of security than a regular will as it can be more costly to challenge a trust. Using a revocable trust will also minimize administrative costs associated with probate. While creating a trust can be more expensive than the cost to create a will and the trustee’s fees and other administrative costs to manage a long-term trust (a trust which continues beyond the lifetime of the grantor) will continue beyond the death of the grantor, the overall costs associated with a trust are generally less especially if the grantor has children. A will which leaves property to a child under the age of 18 would create the need for a court-supervised guardianship for that child and the child would be entitled to receive his or her inheritance at age 18. With a trust, the property would remain in the trust to be managed for the benefit of the child until the child reaches an age selected by the grantor.
With years of experience in estate planning, Marc A. Bronstein can help you to navigate the possibilities available and make the right choices for you and your loved ones. Call us today and start planning for tomorrow…