Trusts can be beneficial and efficient for achieving asset protection and estate planning goals. A trust allows its creator to make a decision during his or her lifetime to set aside certain property for the benefit of others, such as a spouse, heirs, children, or a charity. The trust creator can also select how much control over the assets or right to benefit from the property he or she would like to retain during his or her lifetime. This contrasts with a will, where property is only passed on after the death of the testator. Depending on how the trust is structured, the property placed in a trust may be exempt from the estate tax, since it is no longer part of the grantor’s estate and is not subject to probate. Trusts may also shield the property from creditors, since it now under the ownership and control of the trustee. Finally, by reducing an elderly person’s overall net worth, moving property into a trust can enable that person to become eligible for Medicaid, but there are important rules regarding the “look-back” period which families should consider carefully before employing a trust for such purposes.
There are different types of trusts, each of which are suitable in specific situations. The experienced trust attorneys at Thorn Law Group listen and work to ensure every client’s priorities and values are respected and their goals are met.
EXPERIENCED TRUST ATTORNEYS
At Thorn Law Group, our clients are provided with the highest standard of care and attention. Our staff of former IRS attorneys have years of experience working with affluent individuals, families and businesses, and can help our clients customize trusts as part of an overall estate plan. We also offer guidance on a variety of sophisticated tax planning vehicles, such as Qualified Terminable Interest Property (QTIP) Trusts, Generation Skipping Tax “Dynasty” Trusts, Family Limited Partnerships and Charitable Lead and Charitable Remainder Trusts.
To learn more about how a Washington, D.C. trust and estate planning attorney from the Thorn Law Group can help you with your tax and legal issues, contact Kevin E. Thorn, Managing Partner, at email@example.com, or (202) 349-4033.