Get a Hazleton estate planning lawyer to help you create a trust
Attorney Edward P. McNelis can help you draft a strong plan
If you’re interested in establishing a trust to serve your financial needs and reduce your liability, Hazleton estate planning lawyer Edward P. McNelis can stand by your side and guide you through the process to ensure it gets done right. The Law Offices of Edward P. McNelis has proudly served clients in Hazleton and throughout Luzerne County since 1982. Learn how an experienced Hazleton estate planning attorney can help you. Contact us today for your free consultation.
A trust is an important part of any estate plan and can serve as a powerful tool for a lot of families – if it’s done correctly. That’s because there are a lot of complex Pennsylvania laws to consider when establishing a trust that could represent stumbling blocks for those trying to create this estate planning document on their own.
Let our law firm help you carry out your wishes. Put the knowledge and experience of Hazleton estate planning lawyer Edward P. McNelis to work for you so that you can accomplish your long-term goals and preserve your legacy.
What is a trust and how does it work?
A trust is a financial entity that retains and protects a portion of your assets for the benefit of a third party called a beneficiary. A party designated to manage and administer the trust is called a trustee. There are various different types of trusts, but most fall under two categories:
- Revocable Trust – A revocable trust is a trust that can be changed at any point in time. Assets can be taken away from a revocable trust and remain under your control. They can also contain special rules such as a spendthrift clause, which is a provision that restricts access to the trust for beneficiaries who are underage or have a history of making poor financial decisions.
One of the best things about a revocable trust is its flexibility. As the grantor of the trust you can maintain control of it up until death, meaning you can move assets around, change instructions, and even terminate the trust if you want. Unlike your Last Will and Testament, a revocable trust is not public record and therefore offers more privacy than a standard Last Will and Testament.
- Irrevocable Trust – Unlike a revocable trust, an irrevocable trust is a trust that can’t be altered or modified (in most cases) and must follow the provisions laid out in the trust documents. Once you transfer assets into an irrevocable trust, the assets are considered a gift and belong to the trust. Upon death of the irrevocable trust creator, the assets in the trust can be distributed to beneficiaries.
An irrevocable trust can help you reduce tax liability since the assets you put into it are no longer considered yours. It can also help you protect your assets from creditors, safeguard you against lawsuits, qualify for certain government programs, and protect your assets from the dreadful probate process.
Other types of common trusts include:
- Special needs trusts
- Credit-shelter trusts
- Generation-skipping trusts
- Qualified personal residence trusts
- Irrevocable life insurance trusts
- Qualified terminable interest property trusts
As one of the most versatile estate planning vehicles, trusts can be tailor-made to suit you and your family’s needs. Want to learn more about trusts and how they fit into your estate planning goals? Schedule a free consultation with our family law attorneys right away. The sooner we talk to you, the sooner we can start coming up with a plan to help you achieve your long-term goals.
Let Hazleton estate planning lawyer Edward P. McNelis guide you
Establishing a trust can be an important part of realizing your estate planning goals – but only if it’s done right. The last thing you want for your legacy is to create a trust that doesn’t truly fulfill your wishes or help you accomplish your overall objectives. See what the Law Offices of Edward P. McNelis can do for you. Contact us today for your free consultation.