There is a myth that trusts and estate planning are for the rich only, but this is actually a common misconception. Estate planning for high net worth individuals usually centers on reducing tax bills, but estate planning has a number of benefits and objectives depending on a client’s needs. An estate plan can provide expert guidance on other aspects of wealth transfer through, wills, guardianships, executorships, powers of attorney, and long term health care. Today one of the most important aspects of estate planning is to provide asset protection. Asset protection has historically only been available to the ultra wealthy.
Of all the asset protection and estate planning tools we use here at the Law Office of David M. Goldman PLLC, trusts are the most likely to be associated as having the stigma of being only for the rich. An asset protection or estate planning trust is a great device that can ensure a client’s wishes are followed and further offer asset protection. A trust is a legal entity, much like a corporation, that has a manager called a trustee. The person who creates the trust, the settlor or grantor, will put assets into the trust for the trustee to administer as the trust dictates. (Often the creator and the manage are the same person or people) Continue reading