Why Everyone Should Have Trusts
Trusts are an excellent estate planning tool and so much more. In addition to making the process of distributing your assets after you pass away, having the right kind of trust at the right time can also protect you during your lifetime. Depending on your individual needs and family situation, an experienced Wilson County, TX estate planning attorney might suggest creating several different trusts with different purposes. You do not need to be ultra-wealthy to benefit from having a few trusts in your name - a strong trust can serve the average family well. You should always work with a lawyer when creating your trusts. An estate planning attorney is in the best position to help you determine what types of trusts you and your family need and what assets should be contained in each.
Trusts for Medicare Recovery Protection
Elder care is enormously expensive, even for people who are financially well-off. The vast majority of individuals will eventually need Medicare to cover the cost of a nursing home and hospital care when it is needed. The problem is that Medicare can come after a patient’s assets to recoup its costs. Medicare recovery cases can deplete a person’s assets very quickly, which may leave his or her spouse in an impossible financial position and little to nothing left for the person’s intended beneficiaries. Having your assets contained in the right type of trust can protect your estate against Medicare recovery so that your property goes to your family instead.
Trusts for Avoiding Probate
Probate can be a very costly, complicated, and public process. Your beneficiaries may need to spend a good deal of money before the probate court releases a single asset to them. By using a trust, you can help your beneficiaries avoid the hassle of going through probate. Your chosen trustee can start distributing your estate assets quickly and privately.
Asset Protection Trusts
If you are worried about lawsuits or creditors coming after you during your lifetime, you can use an asset protection trust to avoid these problems. Asset protection trusts are irrevocable, meaning that you cannot withdraw from them whenever you choose. However, because you cannot choose to withdraw, you cannot be forced to withdraw from the trust to satisfy a judgment.
Trusts for Special Purposes
A wide variety of trusts are available to serve special purposes. For example, if you want to leave assets to a disabled person, you might need a special needs trust to avoid interfering with his disability benefits and to make sure he can use those funds for things he wants. Even if you do not have any living family members to protect, you may still want a pet trust to make sure your furry companion will be taken care of.
Contact a Wilson County, TX Trusts Attorney
Geoff Mayfield, Attorney at Law will work with you to create the right kind of trust or trusts in your name. Experienced San Antonio, TX estate planning attorney Geoff Mayfield will carefully review all your options with you. Contact us at 210-535-0870 for a complimentary consultation.