Trust lawyers will help you decide whether creating a trust is a good idea for you. A trust is a versatile legal tool that provides many benefits, but they are often misunderstood. You may benefit from a trust and not even realize the advantages a trust would provide you.
Parman & Easterday can help you make sure you do not miss out on the opportunity to establish a trust and secure important benefits for yourself and your family. Please call us to discuss your situation and find out if a trust is right for you and what other legal tools you should consider using for your future security and your family’s protection.
It is important for you to reach out to our trust lawyers if any of the following situations could apply to you.
You Wish To Leave Money To Someone Under The Age Of 18
When you want to leave money to a person who is under the age of 18, you understand that child probably does not have the capacity, ability or authority to manage the money. Unless you structure the inheritance appropriately, the court will probably appoint a guardian to control the money you left to the child. The guardian must keep an accounting of how money is spent and has to check in with the court at least annually. If you create a trust, you can avoid the guardianship and the court deciding who will be in charge of managing the child’s inheritance. Instead, you can appoint a trusted person to manage the money on the child’s behalf.
If you make a trust, you also avoid another downside of leaving money to someone under 18. Typically, the young person would inherit the funds immediately upon turning 18, which might not be the best idea. If you are going to leave a substantial amount of money and don’t think an 18-year-old would be able to handle it responsibly, you can avoid this pitfall by establishing a trust. When you make a trust, you instruct the trustee on how the funds are to be managed and used until some designated time or event in the future, such as the child getting married, graduating from college or turning 35. With this additional control, you can be certain that a young person doesn’t waste the inheritance you have provided.
You Want To Make A Financial Gift To A Person With A Disability
If you love someone who is disabled, providing money or property to that person could cause problems, such as a loss of access to means-tested benefits like Medicaid.
You do not want a well-meaning gift to cost a person with disabilities to lose access to potentially life-saving medical coverage. You want to structure your gift appropriately using a special needs trust so the gift doesn’t adversely affect Medicaid, Supplemental Security Income, or any other needs-based benefits programs.
You Want To Leave An Inheritance For Someone You Believe Is Irresponsible With Money
You work hard for your wealth and you want to use your money to improve the quality of life of your loved ones. Unfortunately, if you have heirs or beneficiaries who aren’t responsible with money, you may be reluctant to leave them an inheritance. The last thing you want is to give a financial gift to someone, only for the gift to be wasted because it is spent very quickly or lost due to bankruptcy or creditor claims.
The creation of a spendthrift trust makes it possible for you to name a trusted person to manage assets held in the trust for the benefit of an irresponsible heir. The trustee will provide money to the beneficiary as needed and in accordance with your instructions so the money is not wasted.
Getting Help From Trust Lawyers
Trust lawyers at Parman & Easterday make creating a trust simple and easy. We carefully discuss your personal family and financial situation to be sure we have the details necessary to determine whether a trust or some other vehicle is the best option. If you decide to create a trust, we will help you decide on the appropriate type of trust and will both create your trust and fund it so all your assets are protected.
To find out more about how our legal team can help you with trusts, join us for a free seminar. You can also give us a call today at (405) 843-6100 or contact us online to get personalized help.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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