A family trust is any legal trust that you set up for the benefit of your family members, and is commonly used nowadays in estate planning. You know your family best, and a family trust allows you to personalize the way you provide for them, both during your lifetime and thereafter.
Benefits of a Family Trust
A trust may be used to manage estate taxes, protect assets from creditors, and transfer wealth to succeeding generations. A family trust is a particular kind of trust that families can use to construct a financial legacy for the future. Among the numerous benefits of creating a trust for your family are the following: It allows you to (1) place conditions on how and when your assets are disseminated after your death; (2) reduce the amount of taxes associated with your estate; (3) efficiently allocate assets to your heirs without incurring the cost, delay, andpublicity related to probate court; and (4) better protect your assets from creditors and legal action.
Creating a Family Trust Requires Legal Know-how
If you’ve been considering creating a family trust, it’s important to understand that the process can be complicated to execute, so the assistance of an experienced lawyer who specializes in estate planning is essential. The attorneys of Bell & Shah, LLC, provide clients with personalized support in all areas of their practice. And this approach is also essential to the process of creating a family trust. We ascertain our clients’ special needs and gauge the impact of estate taxes on families and beneficiaries. Then we convey the timeline for crafting the trust and guide them through the occasionally complex process.
Most clients contact us to draft a simple will. We secure the information necessary to generate the documents you need. And if estate taxes, probate or transfer of assets are a concern, we can formulate a family trust to safeguard your finances and property.
Call 773-635-0355 or visit Bellshah.com today to get the skilled, knowledgeable, and thoughtful counsel you need to set up your family trust. We look forward to hearing from you.