Are Trusts Only for Wealthy People?

Oklahoma City trust attorneys can provide you with help if you decide to make a trust. Many people could benefit from the creation of a trust, but do not realize the potential advantages that could come from using this powerful and versatile legal tool. Although it is a common misconception that trusts are only for people who have sizeable estates, the use of a trust can benefit a variety of people with varying degrees of wealth. 

To find out if creating a trust could help you or your loved ones, contact Parman & Easterday today. Our Oklahoma City trust attorneys will carefully review your financial and family situation, as well as your estate planning goals, to help you decide if a trust is the right choice for you.

If you could benefit from having a trust, we will help you decide what kind of trust to create and will guide you through the technicalities of creating a trust that is legally valid and enforceable in the eyes of the law. Give us a call today to find out more about the many ways in which our firm can help people from all different income and wealth levels to benefit from the use of a trust.

Why Creating a Trust Isn’t Just for the Wealthy

Creating a trust is not just for people with lots of money who want to provide a trust fund for their kids to live on. While you can create a trust to dole out income to your children after you are gone, there are many other reasons for trust creation.

For example, if you get sick and need nursing home care some day, Medicare will not cover the costs of care since Medicare only pays for care in a skilled nursing facility under limited circumstances and only for a brief period of time. Medicaid pays for care, but most people do not qualify because you must spend down your assets below a specific threshold of countable resources before Medicaid will pay for you.  That is, unless you have worked with an elder law or Medicaid attorney who uses trusts and other legal tools to assist you in retaining your wealth while obtaining Medicaid coverage.

Protecting assets from loss if you need nursing home care is just one reason people at all different income levels should consider creating a trust. A trust could also be beneficial if you’re going to leave money to a child under 18 or one with disabilities as it allows you to have more control over when and how an inheritance is distributed.

If you have pets you want to have cared for after your death, a trust allows you to provide financially for their care while ensuring the money is spent as you desire. Trusts can also help you protect your assets in case of incapacity near the end of your life, or to provide a financial gift to a disabled loved one without causing a loss of access to means-tested benefits, such as Medicaid or SSI. And these are just some of the different things a trust can do for you. You should talk with an experienced trust and estate attorney about whether a trust will give you the control you want over your assets and legacy.

When Should You Talk to Oklahoma City Trust Attorneys?

Oklahoma City trust attorneys can provide you with advice on whether creating a trust is a good idea in your situation. If you wish to use a trust for asset protection purposes, such as keeping your wealth safe if you want Medicaid to cover needed nursing home care, you need to begin planning now, hopefully well in advance of the time you need care and when your assets will be at risk. Do not wait to talk with an attorney.

As soon as you have family members to protect, a nest egg that you want to keep secure, or concerns about future risks to your wealth, you should talk with a trust lawyer. Your attorney will help you move forward with accomplishing your goals, whether a trust is the right legal tool or whether other alternatives could potentially be better to meet your needs.

Getting Help from Oklahoma City Trust Attorneys

Parman & Easterday can provide you with personalized advice on whether trust creation is the right choice for you. If you think you and your family could benefit from the protections a trust provides, please contact us.  We will help you decide what is right for you, and if a trust is the right way to proceed, we will help you create a legally valid trust that offers the advantages you seek. Give us a call today at (405) 843-6100 or contact us online to find out more about the ways in which our firm can help you with all aspects of trust creation.