When would I Need a Trust
Trusts can be created in certain ways to manage children with spending problems. It also can manage those with substance abuse problems. It makes sure kids reach life goals prior to granting inheritances. A trust also restricts what money is spent. Lastly, it restricts the children’s spouse from having access to money.
Tax shelter, Out of Estate Taxes
“A credit shelter trust allows a married investor to shelter assets from estate tax. Here’s how it works: Upon the death of the investor, the assets specified in the trust agreement (up to a specified maximum dollar value) are transferred, estate-tax free, to the beneficiaries named in the trust (normally the couple’s children). A key benefit to this type of trust is that the spouse maintains rights to the trust’s assets and the income they generate during the remainder of his or her lifetime,” according to investopedia.com.
Seek Legal Guidance
It takes a lot of thought and effort to come up with a trust that insures the best for your family. The careful and dedicated staff at Broussard Dove Law can assist you with this intricate process.