Choosing the Right Trust

The typical layperson may not be aware of all of the options that can be exercised when an estate is being planned. Of course there is a legal document called a last will that most people are aware of, and there are also multiple different types of trusts. There are various reasons why you may want to utilize a trust of some kind. Let s look at some of the scenarios that can come into play. Asset Protection We live in a litigious society as they say, and lawsuits can be a source of concern for many people. If you were to convey assets into an irrevocable asset protection trust, they would be shielded from legal actions. You can protect assets for your own purposes, and you can also protect assets that you are leaving to a loved one when you are planning your estate. Estate Tax Efficiency The federal estate tax is a looming threat for high net worth individuals. You can transfer unlimited assets to your spouse tax-free, but transfers to others could be subject to the death tax and its
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