Estate planning for you and your heirs is important, as your life has no guarantee. Health problems, an accident or death can create a big problem if you have not done any planning for your estate. There is a big issue with estate planning that if you die “intestate”–meaning without a proper will or living trust–your assets will be divided according to state law.
A living trust is a legal document created by you (the grantor) during your lifetime. Just like a will, a living trust spells out what your desires are with regard to your assets, your dependents, and your heirs. It is appropriate for individuals who have complex financial or personal circumstances, such as substantial assets, a blended family, closely held business assets or property in other states. The two main benefits of the living trust are (1) to shield your assets from probate, and (2) to set up a blueprint for handling your affairs if you become incapacitated.
There are two types of living trusts:
- Revocable living trust: With a revocable living trust, you transfer your assets into the ownership of the trust. You retain control of those assets as the trustee of your revocable living trust. You can change or revoke the trust at any time. The assets in the trust pass directly to your beneficiaries without going through probate upon your death. However, neither wills nor revocable living trusts avoid or minimize estate taxes.
- Irrevocable living trust: An irrevocable trust allows you to permanently and irrevocably give away your assets during your lifetime. After you give away these assets, you have relinquished all control and interest in these assets. Due to that fact, these assets are no longer considered part of your estate and aren’t subject to estate taxes. As you likely imagine, an irrevocable trust is appropriate in extremely rare circumstances, such as when you have more money than you or your spouse could ever use.
For all this, you need to contact Connecticut family lawyer George W. Ganim, Jr. You can call the law office of attorney George W. Ganim, Jr. today at (877)828-4279 or (203)445-6542 to learn more about the services that we offer and to find out how we can help you. Lawyers at the law office of attorney George W. Ganim, Jr. have the skill and experience to work with you to prepare all the necessary documents. We make sure your estate is distributed the way that you want it. We will review all your assets, listen to your concerns and according to that we will suggest the most beneficial plan for your estate and your heirs.
With estate planning, we can help you create a comprehensive plan. The plan includes all of the vital documentation that must be in place to assist in avoiding future litigation or tax problems.