Oklahoma City trust lawyers at Parman & Easterday provide help creating all different types of trusts that can help you to protect assets and provide for loved ones. Making a trust is a smart step for many people planning for their future, although it is a common misconception that trust creation is only for the wealthy. If you are not certain whether creating a trust could benefit you and your loved ones, you should reach out to our legal team to find out about all of the different things that trusts can help you accomplish.
Your family situation and the nature of the assets that you own are unique to you. Every family has its own estate planning DNA. So, your reasons for creating a trust — and the benefits you’ll reap by doing so — are personal to you and your family situation. That’s why you should work with an experienced attorney who knows your specific situation and who can help you to make effective use of the right legal tools in order to accomplish your goals. You should give us a call today to get started discussing your plans for protecting your legacy, keeping your assets safe, and providing for your family. However, if you are not certain about whether trust creation is right for you, you can also read on to learn about top situations when it makes sense to talk with Oklahoma City trust lawyers.
When Should You Talk to Oklahoma City Trust Lawyers?
Some of the most important situations when you should talk with Oklahoma City trust lawyers include:
- When you have a disabled loved one: If you want to provide a gift to a disabled loved one, either during your lifetime or after you have passed away. Be mindful there is a risk that the gift could cause the disabled person to own too many assets to continue qualifying for SSI, for Medicaid or to become eligible for Medicaid coverage. This could be a big problem because Medicaid may be the only insurance coverage available. The creation of a special needs trust could make it possible for your loved one to maintain access to these benefits while still having assets available in a trust to provide for his or her special needs.
- When you want to leave assets to a loved one who can’t manage them: Whether your relative doesn’t understand how to manage money or is financially irresponsible, there are many situations where you may want to provide money to someone who you don’t think can handle keeping the assets safe. In these circumstances, you could create a trust, name a designated beneficiary who benefits from the trust assets, and name a responsible trustee to oversee and manage trust assets held within the trust and make certain it is used wisely.
- When you want to pass assets outside of the probate process: If you hope to transfer wealth outside of probate, creating a trust can make that happen. All trust-owned assets transferred to the trust during your lifetime bypass probate.
- When you want your estate matters to remain private: The trust administration process is a much more private way of transferring wealth because no public record is created of court hearings, which occurs during the probate process.
- When you want to minimize fees and speed up the distribution of your estate: Transferring wealth outside of probate is also much more cost-effective and is a much less time consuming process.
- If you want to leave assets to a minor: You can make certain that you control who manages the assets until your children are old enough to inherit directly. You can also specify how you want the money to be used to provide for your kids.
There may also be other benefits specific to you, so you should contact Parman & Easterday as soon as possible to schedule a consultation about your situation.
Getting Help from Oklahoma City Trust Lawyers
Parman & Easterday has the necessary experience to help you and your loved ones have a secure future. We’ll assist you in identifying whether a trust is the best way to protect your wealth or if there are other legal tools that you should make use of. We’ll help you to create the legal documents you need and will assist you with identifying and accomplishing your goals for the future.
To find out more about how our firm can help you, join us for a free seminar. You can also give us a call today at (405) 843-6100 or contact us online to start getting your personalized advice and putting your plans in place.
- Understanding IRA Inheritance Planning: Key Considerations - September 14, 2023
- Irrevocable Trust Decanting Provides Flexibility - September 12, 2023
- Inheritance Planning Solution for a Spendthrift Heir - September 7, 2023
